- The price of Notcoin has increased by more than 14% in the last 24 hours.
- Derivatives market indicators suggested a price correction.
Notecoin (NOT) It was clear that bulls dominated the market last week as recently launched tokens surged in double digits in price.
This could be the tip of the iceberg, as the regular uptrend suggests a massive rally in the coming weeks or months. Let’s take a look at what’s happening.
Notcoin is pumping
CoinMarketCap’s data The price of Notcoin dropped to its lowest point last week, on July 5, when it hit $0.0093. However, since then, the token has gained bullish momentum.
Over the past 7 days, NOT’s price has risen by over 14%. In fact, in the past 24 hours alone, NOT’s value has surged by over 4%.
At the time of writing, NOT was trading at $0.01596 and had a market cap of over $1.63 billion.
AMBCrypto looked at Santiment’s data and found that bullish price action had a positive impact on the token’s social metrics, with weighted sentiment increasing.
This meant that the bullish sentiment towards the token was high.
Source: Santiment
Meanwhile, popular cryptocurrency analyst World Of Charts recently wrote: Twitter NOT highlights the successful breakout of the downward channel pattern.
The token has been consolidating within the pattern since June and has hit an all-time high. If the pattern is to be believed, investors may not see an 80%-90% surge in the coming months.
Source: X
NOT’s upcoming target
Since the aforementioned breakout looks bullish, AMBCrypto planned to look into NOT’s statistics in more detail to see if they support the price rally.
Analysis of Glassnode data shows that the long/short ratio of Notcoins has decreased.
A falling ratio means that there are more short positions than long positions in the market, meaning that bearish sentiment prevails in the market.
Source: Coinglass
Also, the funding rate of NOT has also increased. Generally, the price tends to move in the opposite direction of the funding rate, so the price is expected to decline in the coming days.
Then I checked the daily chart of the token and both the RSI (Relative Strength Index) and CMF (Chain Money Flow) were in a downtrend.
Bollinger Bands showed that the price of NOT reached the upper limit of the indicator. This usually leads to a price correction.
Realistic or not, here it is. NOT’s market cap based on TON
Nonetheless, the technical indicator MACD supported buyers by showing a clear bullish edge in the market.
Source: TradingView
A break of $0.0172 is crucial for Notcoin to sustain its bullish rally. A successful break of that level could see it reach $0.02 before retesting its ATH.
Source: TradingView