During the previous fortnight, Notcoin [NOT] has seen significant growth, breaking out of a descending wedge pattern on a daily timeframe. Presently, NOT is trading at $0.008772, signifying a 5.22% increase over the last month.
This bullish trend has also been evident on weekly charts, with the coin witnessing a 14.45% hike.
Following a low of $0.0069 on September 18th, the altcoin had a stretch of nine consecutive days of increases before experiencing a decline. In the last 24 hours, there has been a 2.09% decrease.
Despite the recent drop in daily charts, the overall market trends over the past week have favored gains over losses.
Insights from Market Sentiment
The recent upswing in Notcoin has caught the attention of analysts, fueling optimism about the altcoin’s future. Notably, prominent crypto analyst Ali Martinez has forecasted a potential 12.50% surge.
According to Martinez’s analysis, the breakout of Notcoin from a descending wedge pattern on hourly charts could trigger a 12.50% increase, propelling NOT’s prices to $0.009868.
A breakout from this pattern typically signifies weakening selling pressure and an influx of buyers, indicating a shift from bearish to bullish momentum and enhancing the likelihood of a price surge.
Indicators from NOT Charts
While Martinez’s analysis paints a positive future for Notcoin, it is crucial to consider other fundamental indicators.
Primarily, Notcoin’s aggregated funding rate has remained positive, suggesting a higher frequency of upward price movements compared to downward shifts.
This consistent positive funding rate signifies that buyers are driving market activity, reflecting a strong belief in the asset’s future value.
Moreover, there has been a greater demand for long positions over short positions, as indicated by a sustained positive funding rate on exchanges.
This preference for long positions demonstrates investor confidence in Notcoin’s potential for further gains, leading them to pay premium fees for such positions.
Lastly, the market stability is notably higher due to a significant ownership concentration among Whales, with large holders controlling 66.69% of the token supply.
A market dominated by whales tends to be less susceptible to impulsive selling, given their experience and strategic decision-making. Their elevated demand for Notcoin indicates a strong belief in its future growth potential.
Given the current market dynamics, Notcoin appears poised for continued growth. With robust positive sentiment driving upward momentum, NOT is projected to reach $0.01229 in the short term.