- Notcoin saw a slump in buying pressure on the lower timeframes.
The momentum and trend continued to favor NOT bulls.
As an experienced analyst, I’ve closely monitored Notcoin’s [NOT] price action over the past few days. The token saw a remarkable 115% rally between May 24th and 28th, which was followed by some consolidation at key resistance levels.
From the 24th to the 28th of May, Notcoin underwent a significant price surge, which amounted to a 115% increase. However, it has encountered formidable opposition at the $0.0099 mark, slightly shy of the psychologically significant resistance level of $0.01.
As a researcher studying cryptocurrency market trends, I recently came across an analysis by AMBCrypto that identified $0.0066 and $0.0068 as significant resistance levels for certain digital assets. However, this week’s market action saw the bulls powerfully break through these short-term hurdles, demonstrating the current strength of buying pressure in the cryptocurrency market.
The past 24 hours saw the upward move fizzle slightly
In the past 24 hours, the $0.0072-$0.0075 range, which previously served as resistance, has shifted to become a source of support for the price.
Following that action, the prices did not rise up to the $0.0099 mark, a level that had previously deterred purchasers during the initial listing.
The price fluctuated between a low of $0.0088 and a high of $0.0099 over a short time frame. This period of price stability might be the consolidation stage that bears or bulls require before triggering another significant price movement.
As a crypto investor, I’ve noticed that the demand to buy cryptocurrencies has decreased over the last 12 hours based on the Current Market Making (CMM) indicator’s reading of -0.05 at present.
The RSI remained above neutral 50 and signaled bullish momentum.
As a market analyst, I’ve observed the significance of the Fibonacci retracement levels at $0.0072 and $0.0066 as potential supports for the price of NOT. However, based on current market trends and technical indicators, it seems unlikely that NOT will test these levels in the upcoming weeks.
It’s more probable that Bitcoin (BTC) will advance towards the resistance levels at $0.0112 and $0.0132. However, if Bitcoin dips below $67,000, it could negatively impact the upward trend of Notcoin.
The sustained demand encouraging
During the upward rally of the past two days, the short liquidations saw abnormally large spikes.
Many individuals had placed bets anticipating a decrease in value, which resulted in their being forced to purchase in the market when they were liquidated. These compulsory buys contributed to further price increases.
As the Open Interest grew, so did the token’s price, indicating a strong optimistic outlook among investors.
Many investors in the market believed the rally could continue climbing, causing worry that a scramble for liquid assets might occur.
The area affected by cardiovascular disease (CVD) experienced a significant surge, indicating positivity. This advancement wasn’t solely driven by the derivatives market, implying further growth potential.
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2024-05-29 16:07