Monero is probably one of the few old cryptocurrencies that has retained its value in monetary terms, as well as the main old-school function of the crypt – anonymity!
Cryptoanarchists who value the anonymity of the crypt, buy XMR and hold for years, and such actions allow the XMRUSDT price to adequately keep on the global chart.
Today we will look at the XMRUSD chart on a 3D timeframe, touching the previous 4 years of trading and try to look into the future for a year)
In December 2017, the maximum value of Monero was recorded – $478. After that, XMR holders had a difficult 3 years (1 year of decline + 2 years of consolidation at the bottom) + 1 year of growth. And now, after +/- 1230 days, at the beginning of May 2021, the XMRUSDT price was able to update the high, setting it at a new level of $519.
But literally a few days later, it became clear that this was just a false breakout of an important level. And already on 19 May, when the entire cryptocurrency market was leaked, it became clearly visible on the XMRUSD chart at what price XMR investors are ready to buy this asset in addition.
The Importance of the Range of $115-125 and the Global Target of $1800
The mirror level of $115-125 has shown its importance 4 times over the past 4 years. In the fall of May, it was from there that an aggressive buyout took place. The very fall was 75%, which is higher than the average in the crypto market during this period.
However, there is also a positive factor. Today, when the BTCUSD price is again lowering towards the critical $30,000 and most of the altcoins are surpassing BTC in the rate of decline, and some are even preparing to update the low of the last month, the XMRUSDT price is being kept with dignity, long-term investors are not selling yet.
What we saw on the chart makes us think and assume that with a high probability the XMRUSD price will not retreat below the critical zone of $152-162. In this case, a global pattern can be formed on the chart to continue the “Cup with a handle” trend. The upper target of such a figure, after fixing above $500, will be around $1800 per XMR.
Alternative scenario for the Monero market
It is also always worth keeping in mind an alternative scenario in case the BTCUSDT price can fall below $28,000 in the near future and continue to move down, then altcoins will not be able to resist this trend.
In this case, the global zone for buying Monero in a long-term long we will need to consider the range of $50-80.