- OI spikes over the past month were unsuccessful in the attempt to break the $0.012 resistance
- Hike in buying pressure on this breakout attempt meant the chances of success may be higher
As a seasoned analyst with over two decades of experience in the crypto market, I’ve seen more bearish and bullish cycles than I can count. The current situation with Notcoin [NOT] is intriguing, to say the least.
Since mid-July, there’s been a lot of unfavorable interaction regarding Notcoin [NOT] on social media. In fact, during this timeframe, the value of this altcoin plummeted from approximately 0.0174 USD to just 0.118 USD – a significant decrease of around 32%.
In contrast to the substantial losses incurred in early August, the situation has significantly improved since then, with the token demonstrating a notable upward trend. However, its positive performance in the Futures market raises the question: Is this sufficient to transform the prevailing bearish market sentiment?
Open Interest patterns spark worry
Since Thursday, 22nd August, Open Interest has risen from $83 million to $105 million. Over this same timeframe, the asset saw an approximately 11% increase in value as shown on the charts. Typically, an uptick in price and Open Interest suggests a strong bullish trend.
In August, the market trend seemed to favor the bearish side, as a consistent pattern emerged. Notably, significant increases in Open Interest were observed on July 31st and August 14th and 19th, which were typically followed by substantial drops in prices.
This indicated that the earlier OI spikes were fake breakouts past the $0.012 resistance zone.
Will the current retest of $0.012 have better luck?
It appeared that the funding rate was gradually increasing, suggesting a growing preference for long trades. Additionally, the long/short ratio being more than 2 indicated strong optimism among investors, anticipating significant market growth.
Instead of indicating a forthcoming reversal or signaling the market is overextended, they instead reflected the strong optimistic feelings prevalent within the Futures market.
On a one-day scale, it’s apparent that the market remains bearish as of now. The price point of $0.0127 serves as the most recent resistance level. A break above this level is necessary for Notcoin to reverse the current bearish trend and establish a bullish structure.
Read Notcoin’s [NOT] Price Prediction 2024-25
1. Since the 5th of August, the OBV (On-Balance Volume) has been on an upward trend, suggesting that a significant change in market structure might be imminent. Meanwhile, the Daily Relative Strength Index (RSI) stood at 50.9, which could indicate an early hint of a shift in momentum within the Notcoin market.
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2024-08-25 00:07