Monero (XMR) Price Prediction and Analysis in February 2020

Today, we will be looking at some of the historical prices and market opinions for XMR crypto, so that we can develop a Monero price prediction for February 2020.

Monero Overview

Monero is a coin which forked from Bytecoin back in 2014 and was initially called Bitmonero. Moneros main selling quality is its privacy and untraceable transactions. The coin also has a faster processing time in comparison to Bitcoin.

XMR is currently ranked 12th, according to a market cap of $1,623,016,402, with a circulating supply of 17,440,150 XMR. In the last 24 hours, $163,835,387 worth of XMR coins were traded. The current price of Monero is $93.06.

Monero Price Prediction: Analysis

Monero traded at around $57.70 on January 12, with the price remaining stable at that level for two days. At the end of January 14, XMR coin surged from $56.85 to $ 62.82, the surge continued up until January 17th, but then the currency started dropping slightly in price.

On January 19, Monero traded at $64.19 and, up until January 22, kept itself trading between $63 and $67 levels. But on January 24, XMR dropped and reached $58.19 at 10:30 UTC. Then, the coin once again recovered and started testing the $70 resistance level on January 29th. January 30 saw Monero reaching a value of $75.22 by a massive surge of 29.02%.

The next day, Monero lost a slight percentage of its gains, with the coin trading at $71.94. From January 12 to 31, XMR registered an increase of 23.74%.

The bullish trend continued into February, with XMR opening at $72.08. The next days, Monero kept surging, breaking new resistance levels every day. By February 5th, Monero was trading at $77,99. On February 7, XMR went to $79.72 by 8.22% and tested the new resistance level of $80. On February 8th, XMR touched a new resistance level of $81.50, closing the day at $80.67. February 9th saw a huge price hike to $87,62, with the coin closing at that price. The next day XMR also opened at $87 levels, and it closed that day at $84.82.

In the past 30 days, the price of the coin went from $57.7 levels to $87.4. Today, February 12th, XMR is trading at $92.58, with an increase of 11,25% in the last 24-hour period.

The pivot, resistance, and support levels calculated by WalletInvestor:

• Resistance Level (R3): 90.840
• Resistance Level (R2): 89.286
• Resistance Level (R1): 87.062
• Pivot Point: 85.509
• Support Level (S1): 83.285
• Support Level (S2): 81.732
• Support Level (S3): 79.508

Developments

Monero recently revealed that they intend on launching a network update to incentivize server operators to reap Monero as rewards for running nodes. The update is an initiative to attract more users to run Monero public nodes.

An excerpt from Moneros official announcement read:

A modern family of RPC interface software uses the language of JavaScript Object Notation (JSON) to form messages. JSON is a standard textual format for exchanging data. It relies on name-value pairs and lists of data to define information in a ...

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