Highlights:
- Notcoin is range-bound between $0.01729 resistance and $0.00960 support
- Notcoin price action in tandem with the broader market as Bitcoin stalls intraday
- A NOT breakout triggered by DOGs token could see the price rally by over 50%
Notcoin (NOT) has faced a significant correction today, experiencing a 10% intra-day decline. Notcoin traded at $0.01125 when going to press, reflecting broader market trends driven by recent Bitcoin price fluctuations. Despite this setback, there are indications that Notcoin could rally in the near term, driven by both technical and fundamental factors.
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Technical Analysis – Notcoin Price Stuck in a Narrow Range
Notcoin is trading between a resistance level of $0.01729 and a support level of $0.00960. These levels are crucial for understanding potential future movements. If bullish momentum builds and Notcoin breaks through the $0.01729 resistance, it could set the stage for a rally toward its June highs of $0.02938.
On the other hand, if bearish forces dominate and Notcoin breaches the $0.00960 support, a decline to as low as $0.00483 could occur in the short term.
Bullish Scenario: Potential Rally to June Highs
A breakout above $0.01729 appears more likely among the two possible scenarios. Several factors contribute to this optimistic outlook. Firstly, there is increasing excitement around the Toncoin ecosystem, of which Notcoin is a part. For instance, the imminent launch of the DOGs meme coin, associated with Notcoin, is expected to generate substantial interest and trading volume. It could act as a significant catalyst for a potential NOT rally.
ByBit did “Woof” & then announced the listing of $DOGS at the 20th August, it’s probably nothing… 🦴👀 pic.twitter.com/Vqk1ZrqaRT
— Viktor 🐯🧡 (@s0meone_u_know) August 15, 2024
Fundamental Factors Supporting a Rally
The current correction in Notcoin and other altcoins largely stems from Bitcoin’s recent price action. In the past 24 hours, Bitcoin’s correction has been influenced by news of the US government moving Bitcoin to Coinbase. However, this development has been absorbed by the market, and with anticipated rate cuts in the US, Bitcoin is poised for a possible parabolic price move. As Bitcoin recovers and potentially reaches new highs, the broader cryptocurrency market will benefit, including altcoins like Notcoin.
A Recap on Notcoin Price
As Notcoin navigates through this correction period, investors should closely monitor the $0.01729 resistance and the $0.00960 support levels. The direction in which Notcoin breaks will determine its short-term trajectory. While there is a risk of further decline if support is breached, the more likely scenario is a rally driven by the positive sentiment around the Toncoin ecosystem and the broader market’s potential recovery. The upcoming launch of the DOGs meme coin and anticipated US rate cuts are significant events that could influence Notcoin’s performance.
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