- Notcoin possessed short-term bullish potential, but demand was missing.
- The higher timeframe price action showed that another move downward was likely.
As a seasoned crypto investor with a keen eye on market trends and technical analysis, I’ve been closely monitoring NOT and its price action over the past few weeks. While there were some short-term bullish signs, my experience tells me that demand was missing to sustain any significant gains.
I’ve observed some positive price movements for Notcoin over the last two days, despite Bitcoin‘s difficulty in maintaining a position above the $61k threshold.
sixteen days ago, on June 16th, AMBCrypto observed a positive trend in social sentiment and market direction for the short term.
Since then, the price behavior has further confirmed a downtrend. There was a brief reversal in the last 24 hours, but the bears are expected to regain control soon.
The trendline resistance could rebuff bulls
An orange trendline was drawn connecting the peak prices from early June. In mid-June, this trendline acted as a barrier for the token’s upward momentum when it was experiencing bullish trends. It is predicted that the trendline will continue to impede the token’s advance in the future.
Based on the rally in the second half of May, a set of Fibonacci retracement levels were plotted.
As an analyst, I’ve identified that the $0.0171 level has historically functioned as a resistance point for this asset. It’s reasonable to anticipate that further price decreases may target the $0.0101 mark or the 78.6% retracement level in the near term.
As a researcher observing the chart, I noticed that the white dotted line signified a new higher high for the price in the lower timeframe, thereby disrupting the previous bearish trend.
Although NOT is anticipated to accumulate liquidity near the $0.016-$0.0165 range prior to initiating a downtrend.
Futures data does not signal bullish conviction yet
The Futures market data didn’t dispute the pessimistic outlook suggested by the price chart. Meanwhile, the spot CVD exhibited a persistent decrease, albeit with minor upticks over the last two days.
Open interest surged with renewed interest, yet without sufficient demand for the spot market, eager bullish speculators may be left feeling let down as they wait for a potential market recovery.
As a crypto investor, I’ve noticed that during the early June rally from $0.011 to $0.028, the funding rate was positively charged at around 0.12. This persisted for about a week. It wasn’t an exceptionally high rate, but it did contribute to the overall price stability and momentum during that period.
At press time, the rate was closer to +0.021, with +0.025 being the norm since the 9th of June.
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2024-06-26 17:11