- Notcoin’s buying pressure was not enough to force a bullish breakout.
- The Open Interest surge signaled bullishness, but the market sentiment quickly reversed.
As a seasoned analyst with over two decades of experience in the crypto markets, I have learned to read between the lines and interpret the subtle nuances that often determine the trajectory of digital assets like Notcoin [NOT].
On the 14th of August, Notcoin [NOT] ascended to the $0.01288 mark, yet failed to surmount the resistance zone that stretched up to $0.013. Consequently, the bearish market structure persisted on my 1-day chart for NOT, indicating a challenging period ahead.
A recent report noted that the token’s momentum was neutral, and the market was not trending strongly. The recent rejection meant the Notcoin price prediction was bearish.
A momentum shift did not occur yet
On the chart, the two most recent low peaks marked by dotted orange lines at $0.0147 and $0.0127 weren’t created within a daily timeframe.
In simpler terms, even though the price temporarily jumped up to $0.01288, it failed to maintain that level during the trading day, as it didn’t manage to close above $0.0127, indicating that the overall trend remains bearish.
Moreover, the Relative Strength Index (RSI) fell short of the neutral level 50, while the On-Balance Volume (OBV) failed to surpass its early August peaks. This suggested a reduced momentum and insufficient buying pressure in the market.
If the structure doesn’t reverse to a bullish trend quickly, there’s a strong possibility we’ll return to the previous low of $0.00852. This could potentially set the stage for a bullish comeback.
Renewed sell pressure turns Notcoin price prediction bearish
On the 14th of August, when crypto prices didn’t surge as expected, I noticed an intriguing increase in Open Interest. It soared from $84 million to a staggering $115 million. This rise signified a strong short-term bullish sentiment among investors and speculators who seemed to be betting on future price increases.
Read Notcoin’s [NOT] Price Prediction 2024-25
The spot CVD also briefly climbed higher.
This did not last long, and a few hours later the OI and the spot CVD began to slump, showing seller dominance. The Funding Rate remained positive, but a move southward appeared likely.
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2024-08-15 16:13