The Notcoin price maintains a bullish outlook as bulls search for liquidity, creating ideal conditions for a rapid rally of NOT to $0.016. At press time, the Notcoin price increased by 1.7%, with the NOT/USD trading at $0.0107. Despite the slight surge, the telegram-based cryptocurrency is down 25% in a month and 24% in a year. Its 24-hour trading volume has also exited the green zone, as it has plunged 6% to $128 million.
However, all hope is not lost as the bulls may be reassessing for a substantial leg up. Data from Coinglass shows a surge in the Open Interest (OI) by 7% to $119M. This suggests that new money may be entering the NOT market, potentially igniting a bullish stance. Meanwhile, with the volume sliding 17% to $349 million, it signals a potential cooling-off period in the market. It can also be interpreted as a consolidation phase following a period of heightened volatility or a shift in investor sentiment.
Advertisement
Notcoin Statistical Data
Based on CoinmarketCap data:
- NOT price now – $0.0109
- NOT market cap – $1.12 billion
- NOT total supply – 102 billion
- NOT circulating supply – 102 billion
- NOT ranking – #60
Diving into the technical outlook, the bulls and bears are at a tug-of-war as they grapple to obtain market control. The Notcoin price is trading within a descending triangle. A descending triangle is often a bearish technical chart pattern formed by a series of lower highs and a flat, lower trendline that acts as support.
Notcoin Price at the Cusp of Breaking Out
While the price has been trending downward, there’s a growing possibility of a reversal to the upside. As the triangle’s upper and lower trendlines converge, the price is nearing a critical point where it could break out above the governing pattern.
Meanwhile, the bulls have established a strong support at around $0.0107. This zone is crucial, as it indicates strong buying interest that could drive the price higher. The bulls have turned the 50-day SMA at $0.0107 into a strong support. However, the $0.012, which coincides with the 200-day SMA, is suppressing the bulls against the upward trajectory.
The RSI, on the other hand, is at 51. This is a neutral ground as both the bulls and the bears strive to control the market. However, if the bulls increase the buying appetite at this level, the RSI could jump to the 70-overbought zone.
On the other fence, the Moving Average Convergence Divergence (MACD) calls for traders to rally behind NOT. The MACD indicator has crossed above the orange signal line, suggesting a shift from bearish to bullish. Moreover, traders are inclined to buy NOT unless the MACD changes.
Will the Bulls Drive NOT Rally to $0.016 Soon?
According to the chart above, if the bulls initiate a buyback campaign with the MACD calling for traders to rally behind it, the price could soar. A flip of the $0.0107 into support will also fuel the bulls to grow hind wings and target the next resistance at $0.012.
However, increased buying pressure could lead the bulls to flip $0.012 into support, potentially causing NOT to rally to $0.016 soon. Conversely, a breach and break below the $0.0107 would invalidate the bullish sentiment. A swing low to around $0.0099 support will act as a cushion against further downside.
Advertisement
