$NEAR Identifying a NEAR Bearish M Pattern
A bearish "M" pattern, or double top, on NEAR Protocol's chart is a significant reversal formation that signals a potential failure to continue higher and the likely start of a new downtrend.
This pattern forms when NEAR's price creates two distinct peaks at a similar resistance level, separated by a moderate trough. The support level at the bottom of this trough establishes the critical "neckline." Volume often declines on the second peak, indicating weakening bullish momentum.
The bearish reversal is confirmed when NEAR's price breaks down decisively below the neckline support. This breakdown, particularly on increasing volume, projects a downward move with a minimum target equal to the pattern's height from the peaks to the neckline.
Ultimately, this pattern reflects a victory of sellers over buyers at a key resistance level, marking a shift in market structure.$PIPPIN $POWER
