Notcoin has shown an impressive performance in the past 24 hours, with a substantial increase in its value reflecting on the market charts. This significant uptrend could be attributed to favorable market conditions, presenting an opportunity for NOT to recover its earlier losses.
Notcoin surprises investors
Data from CoinMarketCap indicates that Notcoin witnessed gains of more than 10% in the previous week. Surprisingly, the token’s price soared by almost 15% in the last day alone. As of the latest update, NOT was being traded at $0.007155, boasting a market capitalization exceeding $733 million.
Despite the price surge, only 479k NOT addresses seemed to be profitable, making up 17% of the total number of NOT addresses, as reported by IntoTheBlock. However, this scenario might change in the near future.
Consider this – The altcoin’s remarkable ascent has driven its value to a critical level. World Of Charts, a renowned crypto analyst, recently tweeted about a bullish falling wedge pattern visible on NOT’s price chart.
This pattern emerged back in June and since then, NOT has been within this consolidating phase. Presently, Notcoin is in a consolidation phase and is nearing the pattern’s resistance level. A breakout could potentially lead to a recovery from its previous losses.
Are we on the verge of a breakout for NOT?
Gearing up to challenge a crucial resistance level, CryptoCrypto delved into its on-chain data to assess the possibility of Notcoin surpassing the pattern. According to our analysis of Santiment’s data, there was a significant decrease in NOT’s social volume last week, indicating a decline in the token’s popularity.
A similar pattern was observed in its weighted sentiment, suggesting a prevalence of bearish sentiment in the market. Furthermore, the long/short ratio for Notcoin dropped, signaling more short positions than long positions – a bearish indication.
Nevertheless, not all the indicators were working against NOT.
For example, trading volume surged alongside the price, strengthening the bull rally. Additionally, the Open Interest of Notcoin also saw an increase, indicating a high probability of the existing price trend continuing.
Upon inspecting NOT’s daily chart, CryptoCrypto observed that NOT successfully surpassed its 20-day SMA. Nevertheless, the Bollinger Bands hinted at a few upcoming days of consolidation, suggesting that investors should exercise patience and wait for a breakout from the pattern before anticipating a recovery from previous losses.