- NOT has surged 14.45% in the past week.
- Analysts expect a breakout of the falling wedge pattern and a 12.50% uptrend.
Over the past two weeks, Notcoin (NOT) has made significant gains, hitting a downward wedge on the daily time frame. In fact, at the time of this writing NOT was trading at $0. 008772. This represents a surge of 5.22% over the past month.
Likewise, this bullish trend expanded on the weekly chart with the coin gaining 14.45%.
After hitting a low of $0.0069 on September 18, the altcoin soared for nine consecutive days before falling again. Therefore, it is down 2.09% in the last 24 hours.
Despite the decline on the daily chart, the overall market gains last week were greater than the declines.
What Market Sentiment Says
The recent surge has analysts talking with high hopes for the future of altcoins. Therefore, renowned cryptocurrency analyst Ali Martinez suggested a 12.50% rise in the future.
Source: X
In his analysis, Martinez cited Notcoin’s breakout of a descending wedge pattern on the hourly chart.
According to analysts, a breakout of this level would result in a surge of 12.50%. This will push the price of NOT to $0.009868.
In context, a break from this pattern means selling pressure is waning and buyers are entering the market to push prices higher. Therefore, this is a sign of a shift in momentum from bearish to bullish and a further price rise is likely.
What the Chart Doesn’t Suggest
The analysis provided by Martinez provides a future outlook for Notcoin, but it is important to determine what other fundamentals indicate.
Source: Santiment
First, Notcoin’s funding ratio by asset has remained positive over the past week. The positive funding ratio aggregated by asset indicates that Notcoin is experiencing upward price movements more often than downward movements.
This therefore indicates that buyers are regularly dominating the market, which is indicative of investor confidence in the future value of the asset.
Source: Santiment
Additionally, NOT had higher demand for long positions than for short positions. This is reflected in the consistently positive funding ratios compiled by the exchange.
This is a sign that investors are confident about future value and expect further profits. This results in you paying a premium fee to hold that position.
Source: IntoTheBlock
Finally, the market is showing greater stability as some whales expand their ownership over others. Therefore, large holders own 66.69% of the token supply, indicating complete control over retail traders and investors.
Read Notcoin (NOT) price prediction for 2024-2025
A market dominated by whales is less likely to have speculative sales. That’s because whales and institutions are experienced and don’t follow news or emotions to sell. Higher demand for altcoins from whales shows that they are confident in them and expect further profits.
Therefore, the current market conditions may allow Notcoin to make additional profits. With strong upward momentum driven by positive market sentiment, NOT is likely to reach $0.01229 in the near term.