Notcoin [NOT] has shown remarkable growth in the past 24 hours, increasing by more than 9% currently, as reported by CoinMarketCap.
With a market capitalization of $914 million, Notcoin’s trading volume has reached around $220 million, marking an 86% rise within the same timeframe.
Following a downward trend over the past few months, Notcoin has started to display signs of a potential breakthrough after experiencing a decline since early June. The token has been adhering to a descending trendline, forming lower lows with each touch.
However, a recent touch at the end of September has formed a double bottom pattern, indicating the possibility of a breakthrough.
At present, Notcoin has breached this crucial resistance level, with the current candle closing beyond the descending zone, paving the way for a significant upward movement.
A confirmed closure above this resistance, followed by a successful retest, has the potential to propel Notcoin back to its previous all-time highs (ATH), with gains that could surpass 322%.
If this breakout continues, Notcoin may achieve a new ATH, marking a significant milestone for the token, known as one of the pioneering projects introduced on the TON blockchain.
NOT’s Long Positions Percentage and Trading Volume
Despite the positive signals, some indicators advise caution.
When reviewing a 1-day period with a 5-minute timeframe, the buy volume surged initially to peak levels but has since decreased, now falling below the 50% mark.
This decline suggests some profit-taking; however, the buy volume remains higher than the sell volume, indicating that while the momentum has slowed, sellers have not overtaken buyers yet.
This is a favorable sign for the price trajectory of Notcoin.
The Funding Rates, reflecting the cost discrepancy between holding long and short positions, remained steady, indicating a balanced ratio of longs to shorts, likely influenced by the price surge.
Nevertheless, the global percentage of long positions stood at 59% and was on the rise, demonstrating buyers’ confidence in Notcoin’s potential for further growth.
With most technical indicators pointing towards a positive outlook, Notcoin could potentially establish a new high if it successfully breaks free from its downward trend.
As the token gains momentum, a new ATH might be on the horizon, solidifying its position as a significant player in the TON blockchain ecosystem.
Investors will be observant to see if Notcoin can maintain this upward trend and deliver substantial gains in the upcoming days.