- NO stalled near $0.12 as demand and inflows stabilized
- However, potential gains of +10% would be in play if $0.014 is retested.
In addition to the general market rally, native tokens of projects related to Telegram and The Open Network (TON) benefited from Toncoin’s listing on Binance. The clicker game Notcoin (NOT) was no exception.
NOT surged and posted gains of 15%, reaching $0.012 on the day of listing, August 8. However, the price action has stalled somewhat since then. What’s next for the viral Telegram game now?
NO – Key Levels to Watch
Source: NOT/USDT, TradingView
On the 12-hour chart, $0.01 has served as key support over the past two months. This was a key price interest for bulls as it also acted as a bullish order block (OB) and aligned with the 76.8% Fibonacci level.
On the higher side of the price action, the immediate upside target was the 61.8% Fibonacci level ($0.014) and the 50% Fibonacci level ($0.016). The 50% Fibonacci level was a crucial short-term bid as it blocked any further upside in July.
So where not to go next?
At the time of writing, the price chart indicators were neutral and did not favor either an uptrend or a downtrend. This was underlined by the sideways movement of the RSI (Relative Strength Index) and CMF (Chaikin Money Flow), which were close to their average levels. This meant that demand and inflows had stabilized.
However, a further push towards the immediate upside target at 61.8% ($0.014) remains likely. This would translate into potential gains of +10%.
The case for further upside can also be supported by a rise in open interest (OI). OI jumped about 10% from $80 million to over $90 million on August 10. This suggests that more liquidity has flowed into the NOT futures market and could fuel the rally.
Source: Santiment
Despite the overall bullish sentiment based on rising OI, NOT weighted sentiment fell into negative territory.
Previous additional declines in weighted sentiment have slowed NOT’s price recovery, and a similar scenario would delay the retest of $0.014.
Read Notcoin Price Prediction 2024-2025
Source: Santiment
In conclusion, NOT benefited from a double catalyst: an overall market rebound and interest in Telegram projects after Toncoin’s listing on Binance. While recovery and a probable retest of $0.014 remain likely, the expected negative sentiment over the weekend could delay such a scenario.
Disclaimer: The information presented does not constitute financial, investment, trading or other types of advice and represents the opinion of the author only.
