- Monero was seen nursing nominal losses on Thursday, of some 0.50%, as the market still treads cautiously.
- An ascending channel is seen on the 60-minute chart, however it is being tested by the bears, subject to a breakout.
The Monero price was managing small losses in the latter stages of Thursday’s session, as it continues within consolidation mode, after the free-fall seen last week across the market. Given current price behaviour, a breakout could be due anytime soon.
XMR/USD has formed an ascending channel pattern, which is viewable on the 60-minute time frame chart. The shaping of this had commenced after the chunky drop observed from Friday 22nd until Sunday 24th June.
Technically, immediate support is seen at the lower part of the ascending channel, which is currently being tested by the bears, a break of around $127.50 could invite further selling. Should the bears manage to breach, next support is seen at a below demand zone, tracking from $110.45-106.45.
XMR/USD 60-minute chart
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