- The RSI and the Bollinger bands showed NOT is set to jump higher soon
The OI increase showed speculators are eager to go long, but this might also set up ideal conditions for a long squeeze
As a researcher with experience in cryptocurrency markets, I have closely observed the recent price action of Notcoin (NOT). The token’s strong rally over the weekend following a significant drop was accompanied by increased trading volume and a solid breakout from the trendline resistance.
As a researcher studying the cryptocurrency market, I’ve noticed an intriguing development in the case of Notcoin. Over the weekend, this digital currency experienced a significant surge, recording a 62% increase in value. Despite undergoing a 40% price decrease in the week leading up to that point, Notcoin’s price now sits higher than it was on Monday, 1st of July.
As a crypto investor, I observed an impressive surge in the price of a particular digital asset last week. This upward trend came hand in hand with substantially higher trading activity. Specifically, on July 7th, the daily trading volume jumped by more than threefold compared to usual.
As a crypto investor, I’ve noticed that Bitcoin‘s [BTC] bearish trend from last week seems to be losing steam. To gain insights into whether the bulls might push prices back up towards the $30,000 mark, I turned to the technical analysis provided by AMBCrypto. They delved deeper into the charts labeled as NOT to assess the potential for a price rebound.
The NOT trendline breakout has been solidly bullish thus far
Since the second week of June, Notcoin’s 6-hour chart indicates that the token has been experiencing a downtrend. Notably, during this phase, the Fibonacci retracement levels of 50%, 61.8%, and 78.6% have been put to the test as potential areas of support.
Despite the prevailing pessimistic attitude in the market, the last surge of Notcoin was successfully upheld over the past few days. Moreover, the heightened trading activity during this price rebound was an uplifting sign. This rebound not only dismantled the bearish market pattern but also surmounted the trendline resistance for Notcoin.
As a crypto investor, I’ve noticed that the Bollinger bands for NOT have been expanding lately, indicating increased volatility. Additionally, the Relative Strength Index (RSI) has climbed above the neutral 50 level. Based on these technical indicators, it seems plausible that NOT could continue its upward trend and potentially reach $0.03 by July. However, it’s important to keep in mind that the price movement of NOT is closely tied to Bitcoin’s trend. Therefore, if Bitcoin experiences significant volatility or a major shift in direction, it could impact NOT’s price action as well.
Other metrics disagreed with the recent rally’s sustainability
Despite the strong buying signals indicated by the price movement and trading volume, the spot Carbon Disulfide Valuation (CVD) has remained stubbornly low since its downturn in June. This implies that the selling pressure has been intense and persistent, making it a challenge for bulls to significantly reverse the trend.
Read Notcoin’s [NOT] Price Prediction 2024-25
As an analyst, I’ve noticed a significant increase in Open Interest, suggesting a surge in short-term bullish sentiment. Nevertheless, the funding rate remains relatively low, hovering just above the zero mark.
The two indicators measuring future market sentiment for Notcoin didn’t align in terms of speculator confidence, yet it’s clear that in the immediate term, there’s growing enthusiasm among futures traders to buy Notcoin.
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2024-07-09 10:15