- Notcoin is likely to fall into a short-term range low.
- Non-swing traders may look for buying opportunities, but may wait for bullish sentiment on lower time frames before entering.
It was a good time for the Notcoin(NOT) bull market. The trend line resistance line break was maintained, but the range formation also developed. This can provide many opportunities for traders, but investors should be patient.
The price prediction for Notcoin is that swing traders can take positions in the range over the next few days. In fact, data analysis from the futures market suggests that there may be a significant lack of bullish confidence.
5.6% price drop likely
Source: NOT/USDT on TradingView
Highlighted in purple on the chart is the range formation that Notcoin has been trading in since Monday, July 8. It extended from $0.0145 to $0.0175, with the middle range level being $0.16. This level has recently flipped into resistance.
At the time of writing, the RSI was barely above the neutral level of 50 at 53. Here, we can see that momentum is neutral, but there is a possibility of a downside move, especially if the price breaks below the $0.156 level.
Despite breaking the trendline resistance (orange) on July 6, OBV did little to help recover from the downtrend that had persisted throughout July. This could be seen as another sign that buying pressure is weak and short-term losses are likely.
Notcoin price prediction is expected to be bearish due to lackluster buyers.
Source: Coinalyze
The funding ratio is nominally positive but has not shown any strength over the past few days. The liquidation chart shows that there have been a lot of long liquidations since the rejection from the range high 3 days ago.
Read Notcoin (NOT) price prediction 2024-25
Also, after breaking through the $0.014 resistance level, the open interest was minimal.
Finally, the strongest bearish signal came from the solid downtrend of the spot CVD, which is expecting a move below $0.014.
Disclaimer: The information presented does not constitute financial, investment, trading or any other type of advice and is solely the opinion of the author.