As of the latest update, Notcoin [NOT] was trading at $0.0085, marking a 3.4% increase over the past 24 hours. The token’s price surge aligned with a broader recovery in the cryptocurrency market, where most alternative coins were experiencing upward momentum.
Despite the recent price uptick, NOT faced bearish pressure as it traded within a bullish wedge pattern on its four-hour chart, signaling a potential loss of upward momentum.
A confirmation of this bearish scenario would occur if NOT breaks below the lower trendline of the wedge pattern.
The negative Moving Average Convergence Divergence (MACD) histograms highlighted the growing dominance of bears in the market.
Furthermore, the continued trend of the MACD line below the signal line indicated that sellers maintained control over the market sentiment.
Traders should monitor a potential crossover of the MACD line below the zero line, indicating strong bearish sentiment that could trigger a downtrend in NOT’s price.
Despite the prevailing bearish signals, the on-balance volume (OBV) indicator remained relatively high, signaling that buyers were holding onto their positions and hinting at a possible consolidation phase for NOT.
If NOT manages to defy the bearish trends, it could target liquidity levels around $0.0104. Conversely, a drop below $0.0079 might result in a more significant decline towards $0.0064.
Surge in Active Addresses by 124%
One potential catalyst for NOT’s price surge is the notable increase in active addresses on the network.
Data from IntoTheBlock revealed a 124% spike in active addresses within 24 hours, rising from 10,930 addresses to 24,530 addresses.
Moreover, Notcoin witnessed a rise in new addresses, climbing from 2,340 to 3,670, indicating a growing interest in the token.
The uptick in transaction volumes accompanied the rise in address count, with transaction volumes surging from 1.57 billion NOT to 1.96 billion NOT.
Positive Flip in Notcoin Funding Rates
In the derivatives market, traders seemed optimistic about Notcoin’s prospects as reflected in the rising Funding Rates, according to Coinglass data.
As of the latest data, NOT’s Funding Rates stood at 0.0305%, indicating that long traders were willing to pay a premium to maintain their positions.
The positive Funding Rates hinted at a growing number of traders betting on a potential price rally for NOT.
Rising Funding Rates also indicated positive market sentiment around the token, which could spur buying activity and subsequent price appreciation.