$ZIL Identifying a ZIL Bearish M Pattern
A bearish "M" pattern, or double top, on Zilliqa's (ZIL) chart is a significant technical reversal signal that indicates a failed attempt to continue an uptrend, often preceding a new downward phase.
This pattern forms when ZIL's price creates two distinct peaks at a similar resistance level, separated by a moderate trough. The support level at the base of this trough forms the critical "neckline." Volume frequently diminishes on the second peak, highlighting waning bullish momentum.
The reversal is confirmed when ZIL's price breaks down decisively below the neckline support. This breakdown projects a downward move with a minimum target equal to the pattern's height.
Ultimately, this pattern marks a shift where sellers have overcome buyers at a key resistance zone, suggesting control has changed hands.$PIPPIN $POWER
