Reports today at Smartereum are talking about price predictions for the dark money crypto coin Monero which has had quite a run since 2014.
Andreas Kaplan is citing supply zones of $150, $160, and $170 and demand zones of $200, $90 and $80.
One critical indicator here is the stochastic oscillator, which Kaplan suggests is in the oversold region signaling minor consolidation before what analysts are predicting as an upward trend.
“The formation of a bullish railway track is a sign of trend reversal,” Kaplan writes.
In going over the prospects for this coin offering in the next quarter or so, Kaplan also talks about the nature of Monero as a uniquely anonymous cryptocurrency.
This is where it’s helpful to have some knowledge of the context of what Monero is and how it is used.
Unlike other digital cryptocurrencies, Monero uses some pretty heavy technology to keep its buyers and sellers shrouded in darkness. Stealth addresses shield the IP addresses of participants and ring signatures baffle investigators trying to get to the origins of transactions.
If it all sounds a little “cloak and dagger,” that’s because it is. The underlying philosophy of Monero is vanilla libertarian, but its practical uses are a little more complex.
Reports in 2017 linked some of the white nationalist groups protesting in Charlottesville to the Monero market. Other reports like this one from Ars Technica talk about how operators of the WannaCry virus utilized Monero for untraceable transactions, referencing the Lazarus Group some believe to be connected to the North Korean government.
Of course, not all Monero users are tied to some kind of unsavory crime, but investors and traders will want to know the history of Monero use when waiting into this particular crypto market.
As for the legality of Monero, in many areas of the world, the question seems to be moot. Using the inherent nature of blockchain technology, smooth operators have successfully foiled law enforcement in obscuring many different types of transactions, although if the story of Silk Road and the Dread Pirate Roberts is a cautionary tale, the regulators and police may catch up to some Monero operators in the future.
As for the average crypto enthusiast, Monero represents a choice – a choice that each person has to make. You can chase gains anywhere on the crypto market, but if you’re getting into Monero, it helps to understand the history of this anonymous coin as well as its moving averages and stochastic oscillators.
