During the previous 14 days, Notcoin [NOT] has experienced significant growth, breaking out from a descending wedge on a daily timeframe. Presently, NOT is being traded at $0.008772, indicating a 5.22% increase over the last month.
Moreover, this bullish trend has also manifested itself on weekly charts, with the digital asset surging by 14.45%.
Starting from a low of $0.0069 on September 18th, Notcoin saw a continuous surge for 9 days before witnessing a slight downturn. Consequently, a 2.09% decline has been observed in the past 24 hours.
While there has been a decline in daily charts, the overall market has recorded more gains than losses over the past week.
Exploring Market Sentiment
The recent surge has caught the attention of analysts, with many placing optimistic bets on Notcoin’s future. Notably, well-known crypto analyst Ali Martinez has predicted a forthcoming 12.50% upswing.
According to Martinez’s analysis, Notcoin’s breakout from a descending wedge pattern on hourly charts signifies a potential surge of 12.50%. This surge would push NOT’s prices to $0.009868.
A breakout from this pattern indicates a weakening selling pressure and the arrival of more buyers to boost prices. This shift from a bearish to a bullish momentum increases the likelihood of a price upsurge.
Insights from NOT Charts
While Martinez’s analysis offers a promising outlook for Notcoin, it is crucial to consider other fundamental indicators.
Primarily, Notcoin’s positive funding rate aggregated by asset has consistently remained high over the past week. A positive funding rate suggests that Notcoin is more likely to experience upward price movements than downward shifts.
This positive funding rate indicates that buyers are dominant in the market, signaling confidence in the asset’s future value.
Furthermore, there has been a higher demand for long positions compared to short ones for NOT, as evidenced by a sustained positive funding rate aggregated by exchange.
This preference for long positions signifies investors’ confidence in the altcoin’s future value, leading them to pay premium fees to hold such positions.
Lastly, the market stability is evident as large holders, known as Whales, own a significant portion (66.69%) of the token supply. This dominance indicates that institutional investors and whales have control over retail traders and investors.
In a market influenced by whales, speculative selling is less common, as these experienced entities do not base their decisions on news or emotions. With whales showing interest in the altcoin, it showcases a robust belief in its future gains.
Considering the current market conditions, Notcoin appears poised for further growth. With a strong upward momentum supported by positive market sentiment, there is a high likelihood of NOT reaching $0.01229 in the near future.