Monero In The Market: 12/21/2020

By gmoney777 | MoneroNews | 21 Dec 2020

Monero Current Price (12/21/2020 at 1 AM ET): $152.1 (-1.3%)*

Monero (while volatile) has been decreasing in volatility. Over the last 24 hours (Sunday 12/20) Monero has traded between $151.3 and $156.9, a range of $5.6 and closing at $152.2. The previous 24 hours (Saturday) saw a similar action trading between $151.7 to $158.4, a range of $6.7 and closing at $154.9.  In contrast, in the preceding 24 hours (Friday), Monero traded between $142.4 and $163.9, a significantly larger range of $21.5 and finishing at $155.8. These similar closes between $152.2 and $155.8 may indicate that the floor may be firming under Monero. With the recent data dumps of Ledger users, the demand for crypto privacy is likely to increase. With Bitcoin cresting $24,000 that bodes well for Monero, but time will tell how the market reacts to recent hacks and regulatory changes. These signals are long-term bullish, but in the near term, non-Ledger Monero users have had no change in their lives, especially the ones with paper wallet holdings. This will likely not impact short-term price movements, but it may spark further adoption of Monero. But remember, always do your own due diligence and verify what you see online.

Analysis: Volatility continues to drop from extremely high levels. Expect a rise once volatility decreases and the range is below $3 in at least a 24-hour time window (the range has been $5.6, $6.7, and $21.5 in the last three 24-hour windows). We will see how the market reacts but prepare for Monero adoption to be accelerated in the coming months. I think we can expect further volatility decreases, but it may be at least a few days before we see the next leg up.

Prediction: Smaller volatility, expect Monero to trade between $151 and $156, maybe tight, and to end at $153. Expect only modest gains and losses over the next 24 hours, but it is setting up the potential for future and sudden upward movement.

*Time as of 1 AM ET on Kraken and change is in 24-hours


Price Data - Kraken

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