Price Chart

Monero In The Market: 12/22/2020

By gmoney777 | MoneroNews | 22 Dec 2020

Monero Current Price (12/22/2020 at 11 AM ET): $154.7 (+5.4%)*

Monero has had some wild movements, hitting lows of $144 around 3 PM yesterday (12/21/20) and 4 AM this morning (12/22/20). However, Monero has now recovered and is trading between the expected $151 and $156 range. In the last 24 hours, we have seen a high of $155.9 and a low of $143.9, a range of $12. This is a notable increase over the preceding 48 hours (12/20 - 12/21) which saw ranges of $5.6 (12/21) and $6.7 (12/20) but is still significantly lower than the $21.5 range on 12/19. 

There has been considerable negative news in the crypto markets lately - the Treasury trying to push last-minute rules as a fuck you to crypto, Ledger had a hack that went from 10,000 emails being stolen in July to hundreds of thousands of emails, addresses, and names being dumped, and Ripple is warning that the SEC is going to try and bully them in court. But what do these things all have in common? The government wants to know everyone who has crypto and will stop at nothing. These rule changes are meant to frighten us and sink the market, and if not at least be able to tax us. The hack, I personally believe, was not to ransom the data but to deliver it to the IRS. And the SEC is mad because we don't buy boomer stocks like GE and Ford and would rather buy into something real. They know their Ponzi scheme requires constant additional money in order to maintain the illusion of wealth. All of this means that we are hitting an inflection point for crypto and the government is going to try everything to either beat down the market or tax every penny it can steal out of it. 

I think that the result will have two overarching effects - crypto will no longer be treated like a nerd fantasy land stock market. It will also push for more interest in privacy coins like Monero. But these trends are more long-term bullish. But with congress passing a massive bill that gives you a pittance, the dollars will print and crypto will rise.

Analysis: Volatility has increased in the last 24 hours, but is still dropping on the week. This past week, Monero has traded between $142.6 and $163.9.  In the last 24 hours, the lowest the price dropped to was $143.9. The lows are getting higher meaning that the floor is slowly rising. Right now I think if you can pick up Monero below $150 you're good, but watch out the closer we get to $160 as there may be a sharp rejection towards $155.

Prediction: Volatility will drop and Monero will end the day between $155-156. The negative news needs to be further disseminated and understood, and after an initial depression in the market, the demand will start increasing for privacy and for Monero.



Price Data - Kraken

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I put it all in dog money


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