After dropping to a low of $0.0024, the digital currency Notcoin [NOT] has witnessed a remarkable uptrend. During this time, it surged to reach a peak of $0.00375.
Nevertheless, there has been a slight pullback from this high point. Currently, Notcoin is trading at $0.003098, up by 0.73% as per the daily charts. Furthermore, over the last week, the coin has surged by 19.15%.
The recent surge in Notcoin’s price has left investors speculating about the factors driving this upward trend. Our analysis indicates that much of Notcoin’s recent price movement can be attributed to significant activity by large cryptocurrency investors referred to as whales.
Is it possible for whales to trigger a rally in Notcoin?
According to the findings from CryptoCrypto, Notcoin is currently witnessing a substantial uptick in whale involvement. Within a day, there has been a 242.5% increase in whale capital inflow, which has risen from 321 million to over one billion.
Such a notable increase in whale activities indicates an influx of large investors acquiring NOT, a sign often associated with accumulation and indicative of a forthcoming bullish market trend.
When whales engage in accumulation, it typically reflects their confidence in the market, signaling their anticipation of a price increase in the near future.
Additionally, the heightened whale activity is also evident in the surge of large transactions. In this context, Whale transactions have surged by 433% in the last 24 hours.
This surge suggests that whales are actively participating in the market, either making significant purchases or sales.
Considering that Notcoin’s Relative Strength Index (RSI) has rebounded from an oversold position of 24 to 33, it indicates a significant increase in buying pressure for NOT.
This shift implies that whales capitalized on the price drop during the oversold condition and opted to purchase more.
Future prospects for NOT
With the increased involvement of whales in the Notcoin market, it is crucial to note that market participants are predominantly bullish across various metrics.
This bullish sentiment is underscored by the reversal in Notcoin’s Funding rate provided by exchanges, shifting from a negative zone. A positive funding rate implies that long investors are optimistic and are willing to pay short investors to maintain their positions.
CryptoCrypto has observed a noticeable demand for long positions, currently dominating the market sentiment.
The Long/Short Ratio indicates that long positions hold 65.4% of all future contracts, whereas short positions hold 34.56%. This balance suggests a predominantly bullish outlook among investors, anticipating a price surge.
Notcoin is currently riding high on bullish sentiment, with the upward momentum gaining strength, as indicated by the increasing Stoch RSI. If these trends persist, Notcoin stands a good chance of achieving further growth.
Should the current sentiment prevail, NOT might reclaim $0.0037 and aim to break through the resistance level at $0.0041.
However, if the bearish trends identified in the daily charts take over, NOT could retrace to $0.0027.