Monero (XMR) Price Prediction and Analysis in February 2020

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 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

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 Monero’s 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 way that is robust, extendable, and human readable.”

This announcement has been positively received by the Monero community and many expect the organization to continue launching more updates.

On February 2, 2020, Binance Futures revealed that it will release XMR/USDT Perpetual Contracts starting with February 3, 2020, 08:00 AM (UTC), which will enable traders to buy, sell, and trade Monero/Tether Perpetual Contracts with leverages of up to 75x.

As a number of online crypto outlets have made their own Monero price prediction for February, we have decided a few of them to better depict the market sentiment for this coin.

Cryptoground forecasted that in one day, Monero will be trading at $63.7050, with a decrease of 23.99%, and the site also projected that XMR will have in one week a price of $61.3550 with a drop of 26.79%.

Coinpredictor predicted that in February, the price of Monero will see an increase of 5% which would place the coin at a price of $80.66.

WalletInvestor’s Monero price prediction extends for the next 10 days of February, along with their maximum and minimum daily prices.

Digitalcoinprice is of the opinion that in February 2020, XMR will be trading at $176.84, which signifies an increase of 110.51 %.

Gov.capital believes that Monero will be trading at around $89.86, with a maximum possible value of $98.85 and a minimum possible value of $80.87 by the end of February 2020.

Altcoinforecast predicted that on 29 February 2020, Monero will be trading at $95.38.

Longforecast projected that at the start of the month, Monero would have a trading price of $71.8, which is on par with the actual value XMR had. The site anticipates that the highest value for the coin for this month will be $110.6, and the minimum price of $70.9. The month’s average price was calculated at $89.2. Monero is expected to end the month at $103.4, change for February 44.0%.

Bitverzo forecasted that on February 29th, Monero would have an average price of $20.041747, with a minimum of $ 15.806199 and a maximum value of $ 55.628249.

Monero Price Prediction: Verdict

This has been our Monero price prediction for February 2020. We hope that the information we have provided will be of help to you and your future XMR trading endeavors.

Featured image: bitcoinist.com

 

source: https://coindoo.com/monero-price-prediction-february/

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