- A Bullish Falling Wedge Pattern Has Appeared on NOT’s Price Chart
- Technical indicators hint at an upcoming consolidation phase for the altcoin
Notcoin (NOT) performance over the past 24 hours has been impressive, with value up double digits in the charts. Now, while this massive rise can be attributed to bullish market conditions, it has also opened up the possibility of NOT recovering its previous losses.
Notcoin took investors by surprise
CoinMarketCap data revealed that Notcoin saw gains of over 10% last week. That’s not all, as the price of the token has surged by almost 15% in the last 24 hours alone. At the time of writing, NOT was trading at $0.007155 with a market cap of over $733 million.
Despite the price hike, only 479,000 NOT addresses generated profits, representing 17% of the total number of NOT addresses, according to In the block. That said, the trend could soon change.
Consider this: The altcoin’s meteoric rise has pushed its value to a key level. World Of Charts, a popular crypto analyst, also recently shared a tweet highlighting a bullish falling wedge pattern on the NOT price chart.
This model first appeared in June. Since then, NOT has consolidated internally. At press time, Notcoin was consolidating in a tight zone and was about to test the pattern’s strength. In the event of a breakout, investors can expect NOT to recover from previous losses.
Source:
Will it NOT finally burst?
Since the altcoin was about to test a crucial resistance level, AMBCrypto then checked its on-chain data to know the chances of Notcoin surpassing the pattern. According to our analysis of Santiment data, NOT’s social volume decreased significantly last week – a sign of a decline in popularity.
His level-headed sentiment also followed a similar path. This highlighted the dominance of bearish sentiment in the market.
Additionally, we also saw that Notcoin’s long/short ratio had dropped. This meant that there were more short positions than long positions in the market – a bearish sign.
Source: Coinglass
However, not everything was against NO.
For example, its trading volume increased with its price, serving as the basis for the bull rally. Additionally, his open interest has also increased. Every time the metric increases, it means the chances of the current price trend continuing are high.
Source: Santiment
Read Notcoin (NOT) Price Prediction 2024-2025
AMBCrypto then checked the daily chart of NOT to better understand which direction it was heading in the short term.
We noted that NOT failed to move above its 20-day SMA. but the Bollinger Bands hinted at a few days of consolidation ahead. Therefore, investors must remain patient not to exit the trend, before recovering their past losses.
Source: TradingView
