- Notcoin’s price increased by more than 14% in the last 24 hours.
- Derivatives market metrics hinted at a price correction.
As an experienced analyst, I have seen my fair share of market fluctuations and price movements in the crypto space. The recent surge in Notcoin’s (NOT) price, with a 14% increase in just seven days and over 4% in the last 24 hours, is undeniably impressive. However, as the market says, “bulls make money, bears make more,” and it’s crucial to consider the underlying metrics before jumping into conclusions.
Last week, I observed a clear dominance of Notcoin bulls in the market, resulting in a double-digit price surge for this newly introduced token.
It’s possible that this is only the beginning, with the ongoing upward trend potentially signaling a significant bull market in the near future. Let’s keep an eye on the situation.
Notcoin is pumping
According to CoinMarketCap’s data, Notcoin’s price hit its lowest point of the week at $0.0093 on July 5th. Yet, since then, there has been a notable surge in buying pressure for this token.
As a researcher examining the recent price trends of NOT, I’ve found that its value has experienced significant growth within the past week. Specifically, NOT’s price has risen by more than 14% in the last seven days. Impressively, this upward trend continued in the previous 24 hours, with a notable surge of over 4% in NOT’s value.
As I pen this down, NOT was priced at $0.01596 on the markets, boasting a market capitalization in excess of $1.63 billion.
Santiment’s data analysis by AMBCrypto indicated that the token’s social metrics showed improvement in their Weighted Sentiment following bullish price actions.
This meant that bullish sentiment around the token was high.
Recently, the well-known crypto analyst, World of Charts, pointed out on Twitter that NOT had managed to surpass the resistance line of a descending channel formation.
Since hitting its record high in June, the token has been holding steady within its established pattern. According to this pattern’s prediction, investors could potentially see a gain of around 80%-90% in the upcoming months.
NOT’s upcoming targets
As a researcher at AMBCrypto, I was intrigued by the recent bullish trend in the market and decided to explore NOT‘s metrics further to determine if they aligned with a potential price increase.
Our analysis of Glassnode’s data revealed that Notcoin’s long/short ratio decreased.
When the ratio decreases, it indicates that there are more bets placed on the market going down (short positions) than up (long positions). Consequently, pessimistic views held sway over the market.
As an analyst, I’ve observed that the Funding Rate set by NOT has gone up recently. Historically, price movements have tended to go against the trend of the Funding Rate. Given this pattern, it appears that a potential price decrease may be on the horizon.
As a crypto investor, I examined the daily chart of the token to assess its current trend. The technical indicators RSI and CMF displayed declining readings, suggesting that selling pressure had increased in the market.
As a researcher observing financial markets, I’ve noticed that when the price of NOT reaches the upper boundary of the Bollinger Bands, it often signals a potential correction. This means that the security may experience a decline in value to bring its price back in line with the average price (the middle band) indicated by the Bollinger Band indicator.
Realistic or not, here’s NOT’s market cap in TON’s terms
Despite this, the MACD technical indicator boosted the confidence of buyers with its unmistakable bullish signal in the market.
To maintain its bull market trend, Notcoin needs to surpass the resistance at $0.0172. Once it does, reaching $0.02 is a possibility before revisiting its all-time high.
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2024-07-09 21:12