Canton Network: Is a Bearish ‘M’ Pattern Beginning to Form?Canton Network / USDTMEXC:CCUSDTDukesMarketAnalysisPrimary Trend Still Favours the Bears Canton remains within its primary downtrend, with the broader structure continuing to produce a series of lower highs and lower lows. The 100/50-Period EMAs also remain bearishly crossed, reinforcing the weaker technical picture. Repeated Rejections at the 50-Period EMA Price has now been rejected around the 50-Period EMA on three separate occasions. This average continues to act as short-term resistance and is preventing bulls from building any meaningful recovery. Potential ‘M’ Pattern Developing The recent price structure is beginning to resemble a typically bearish ‘M’ pattern, with highs at $0.10299 and $0.10139. The pattern remains unconfirmed, however, and should not be treated as complete unless its neckline gives way. $0.09307 Is the Level to Watch The August 11 low at $0.09307 forms the potential neckline of the pattern. A decisive break below this level would trigger the ‘M’ formation and increase the odds of a continuation of the primary downtrend. Buying Volume Offers Some Encouragement There are some positives for bulls, with stronger buying volume appearing during the latest recovery and StochRSI beginning to climb. A break above $0.10299 would invalidate the immediate bearish pattern and significantly improve the short-term picture. In Summary Canton remains within its primary downtrend, with the bearishly crossed 100/50-Period EMAs and repeated rejection from the 50-Period EMA continuing to favour sellers. A potential bearish ‘M’ pattern is also developing, although it remains unconfirmed. The crucial level is $0.09307, with a break below triggering the pattern and increasing the odds of further downside. Stronger buying volume offers bulls some encouragement, but reclaiming $0.10299 would be needed to materially improve the short-term outlook.