Monero is forming a head and shoulders pattern on its 4-hour time frame but has yet to break below the neckline to confirm the potential drop.
Monero formed lower highs and found support at $163 to create a descending triangle formation on its 1-hour time frame.
Monero is trading in a descending channel on its 4-hour time frame and is near the top.
Monero is gaining momentum off its triangle support bounce as it broke past a short-term falling trend line as well.
Monero made a bullish break from its descending triangle pattern but might still have a pullback opportunity for more bulls to join in.
Monero has formed lower highs and higher lows to consolidate inside a symmetrical triangle pattern.