MEME shows a "Double Top" ✓ A bearish reversal chart pattern in technical analysis. ✓ It typically indicates that an asset's price is losing momentum after a strong uptrend and may be preparing for a bearish reversal. Breakdown: Double Top Structure 1. First Peak (Top 1) – Price rises to a resistance level and then declines. 2. Second Peak (Top 2) – Price rises again to approximately the same resistance level but fails to break through. 3. Neckline – The support level formed between the two peaks. 4. Breakout – The pattern is confirmed once price breaks below the neckline on strong volume. Interpretation Bull-Bear Conversion: Failure to break above the previous high indicates waning buying power. Entry: Traders typically initiate a short position when the price closes below the neckline. Target Price: The expected decline is usually equal to the distance from the peak to the neckline (measured vertically). Note: False breakouts are common. For confirmation, traders typically wait for strong volume on a neckline breakout or use indicators. Observations 1. Two Peaks: The first peak was near 0.004323. The second peak tested near the same area but failed to rise further. ✓ This is consistent with a double top formation. 2. Neckline: The trough between the two peaks is located around 0.00356-0.00360. Currently, the price is hovering around the neckline level (0.003567). 3. Bearish Pressure: The price has broken below ~0.00432 twice. The strong red candlestick shows sellers entering the market after the second peak. Volume also picked up during the decline, adding credence. Double Top Correlation This chart does show a potential double top formation forming on the 1-hour timeframe. The pattern is confirmed if price decisively closes below the neckline (0.00356). If confirmed: Measured move target = Neckline − (Peak − Neckline) = 0.00356 − (0.00432 − 0.00356) = ~0.00280 Stop loss (for shorts) is typically placed above the recent high of ~0.00435. #Write2Earn #BNBATH900 #HEMIBinanceTGE #MEME