Notcoin surges 9%: Will a breakout push NOT to an ATH?

Notcoin was on the verge of a breakout at press time.
Despite NOT’s optimistic signals, traders should still exercise caution.

As a seasoned researcher with years of experience navigating the cryptocurrency market, I must admit that I’ve seen my fair share of promising breakouts – some panned out, others didn’t. The recent surge of Notcoin (NOT) has certainly caught my attention, especially given its potential to reach previous all-time highs and even surpass them.

Over the past 24 hours, I’ve noticed some significant growth in my Notcoin investments, with a remarkable jump of more than 9%. As per CoinMarketCap’s latest update, this surge has placed Notcoin quite favorably among other cryptocurrencies at this moment.

As a crypto investor, I’ve noticed a significant surge in Notcoin’s trading activity. In just the same period, the trading volume skyrocketed to around $220 million, which is a whopping 86% rise compared to earlier times. This growth has catapulted its market cap to a staggering $914M.

Following several months of continuous decrease, it appears that the cryptocurrency known as Notcoin – which started declining in early June – may be ready to surge beyond its current limits. Previously, the digital token had been adhering to a descending trendline, with each touchpoint resulting in a lower bottom.

Yet, the latest low point in late September appears to have created a double bottom chart formation, suggesting the possibility of an impending breakout.

At the moment, I’ve noticed that Notcoin has successfully breached a crucial resistance point. The current candle seems poised to close beyond the falling trend, which suggests a potential substantial price increase is on the horizon.

Notcoin surges 9%: Will a breakout push NOT to an ATH?

If the price of Notcoin climbs decisively above the current resistance level and then successfully retests that point, it might propel Notcoin back towards its old record highs. This scenario could result in returns potentially surpassing an impressive 322% increase.

Should the upward trend persist, Notcoin might reach a brand-new all-time high (ATH), signifying an essential achievement for this trailblazing project, first introduced on the TON blockchain.

NOT’s longs % accounts and volume

Despite these optimistic signals, some metrics suggest caution.

Examining data from a one-day span, using a 5-minute interval, reveals an initial spike in buying activity that reached its peak. However, this buying activity has been gradually decreasing and currently stands below the 50% mark.

From my years of trading and analyzing market trends, I’ve learned to read between the lines when it comes to understanding the dynamics of buy and sell volumes. This recent decline might suggest some profit-taking by investors, but I always keep a keen eye on the volume ratio. In this case, the buy volume remains higher than sell volume, which tells me that although the momentum may have slowed down, the buyers are still in control. It’s a subtle shift, but it’s important to recognize these nuances to make informed decisions in the market. I’ve learned the hard way that overlooking such details can lead to costly mistakes.

This is a positive indicator for Notcoin’s price trajectory.

At the given moment, the Funding Rates – representing the difference in costs for maintaining long and short positions – remained unchanged, signifying a harmonious balance between long positions paying out to short ones. This equilibrium could be attributed to recent price increases.

Notcoin surges 9%: Will a breakout push NOT to an ATH?

Yet, worldwide, long positions stood at 59%, steadily climbing higher, suggesting that investors were optimistic about Notcoin’s prospects for additional growth.

If the majority of technical indicators suggest a positive trend, there’s a good chance that Notcoin might reach a new peak after managing to break free from its current descending pattern.

Read Notcoin’s [NOT] Price Prediction 2024–2025

As the token continues to grow in popularity, it may soon reach a new all-time high, solidifying its status as a significant force within the Telegram Open Network (TON) blockchain community.

Observers are keenly anticipating whether Notcoin can maintain its upward trend and provide substantial profits in the near future.

2024-10-16 11:36

NOT’s longs % accounts and volume

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