Notcoin [NOT] is currently developing a falling wedge pattern, a bullish indication characterized by converging downward trendlines. Analysis from cryptocurrency expert Ali suggests that if NOT manages to break through the resistance level of $0.0076, it could potentially experience a 60% surge in its price.
This wedge pattern has been forming since the beginning of July, hinting that the prolonged downward trend might be nearing its conclusion.
In the event of a breakout above the upper trendline, Fibonacci retracement levels will help identify the next probable resistance points.
Key levels to observe include 0.236 at $0.0231667, 0.382 at $0.01619219, 0.5 at $0.01347901, 0.618 at $0.01122045, and 0.786 at $0.00864199.
The wedge’s height, measured at 0.00450413 or 60.68%, suggests a breakout target around the 0.618 Fibonacci level.
Current Price and Volume Trends
At the latest update, Notcoin (NOT) was trading at $0.007009, marking a 1.68% decrease in the last 24 hours and a 9.57% decline over the past week. The 24-hour trading volume stood at $128,079,916, indicating considerable market activity despite recent downward movements.
The chart’s lowest point, identified at $0.00619681, may act as a potential support level in case of further price drops. Additionally, the lower boundary of the wedge serves as a supportive line, reinforcing the bullish reversal pattern’s structure.
Technical Indicators and Volatility Status
On the daily chart, the Bollinger Bands suggest low volatility, with the price currently hovering close to the lower band. This positioning hints at a potential oversold condition, potentially leading to a move towards the middle band.
Meanwhile, the Relative Strength Index (RSI) stands at 41.58, indicating weak momentum without being fully oversold. A rise in RSI above 50 could signal stronger bullish momentum, while a drop below 30 might indicate increased selling pressure.
The Aroon indicator displays a minor uptrend and a moderate downtrend of 64.29%, reflecting the current bearish dominance. To signal a possible trend shift, Aroon Up needs to rise, indicating a growing bullish presence in the market.
Influence of Major Holders on Notcoin and Bitcoin
Data from IntoTheBlock shows that 71% of Notcoin holders are currently experiencing losses, while only 17% are profiting at the current price level.
This data highlights that most investors are currently below their entry points, a factor that could impact their trading decisions.
Furthermore, large holders control 79% of the supply, indicating significant control over the circulating tokens. This high concentration may contribute to increased price volatility, especially during significant market movements.
The correlation between Notcoin and Bitcoin is notably low at 0.02, suggesting that Notcoin’s price movements are largely independent of Bitcoin’s.
An analysis of the holder composition indicates that 94% of holders have held the token for 1-12 months, signaling a mid-term commitment to the asset. In contrast, only 6% of holders are new, indicating limited recent interest or adoption of the token.