VIP MARKET UPDATE: $MNT
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$MNT is trading around the 0.6555 area, contained inside a well defined descending channel that has been guiding price steadily lower since late March with no meaningful attempt to break out. After sweeping the lower channel boundary near the 0.6090 lows and bouncing, price has recovered back into the middle of the channel but is now stalling just below the 0.6600 horizontal resistance that has been a persistent ceiling throughout this structure.
As long as MNT stays below the upper channel resistance and the 0.6600–0.6700 area, the bias remains bearish and any recovery attempt is likely to get faded. A clean break and close above the upper channel line would be the first genuine sign that the downtrend is losing steam, while a loss of the 0.6400 area would open the door for another test of the lower channel boundary and below.
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