TRX Tron has formed one of the most obvious and bearish chart pattern out there: the Double Top.
The double top chart pattern is a bearish reversal pattern that is commonly observed in technical analysis of financial markets. This pattern typically forms after an extended uptrend, indicating that the market may be losing momentum and could potentially reverse its direction.
The pattern is characterized by two distinct peaks that are formed at approximately the same price level, separated by a period of consolidation or retracement in between. The two peaks are often referred to as the "left shoulder" and the "right shoulder," while the period of consolidation in between is referred to as the "neckline."
Once the second peak is formed and the price breaks below the neckline, it is considered a confirmation of the double top pattern. This break below the neckline indicates that the buyers are no longer able to push the price higher, and the sellers may have regained control of the market.
The Price Target of this pattern for TRX Tron on this particular pattern is $0.054!
Looking forward to read your opinion about it!
The double top chart pattern is a bearish reversal pattern that is commonly observed in technical analysis of financial markets. This pattern typically forms after an extended uptrend, indicating that the market may be losing momentum and could potentially reverse its direction.
The pattern is characterized by two distinct peaks that are formed at approximately the same price level, separated by a period of consolidation or retracement in between. The two peaks are often referred to as the "left shoulder" and the "right shoulder," while the period of consolidation in between is referred to as the "neckline."
Once the second peak is formed and the price breaks below the neckline, it is considered a confirmation of the double top pattern. This break below the neckline indicates that the buyers are no longer able to push the price higher, and the sellers may have regained control of the market.
The Price Target of this pattern for TRX Tron on this particular pattern is $0.054!
Looking forward to read your opinion about it!
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RESULTS www.bit.ly/topgx
1%/DAY: bit.ly/3F56VTW
BYBIT partner.bybit.com/b/37880