Why Notcoin Holders Should Be Wary Of NOT’s Latest Rally

  • The RSI and Bollinger Bands showed no signs of moving higher soon.
  • The rise in OI showed that speculators are eager to go long, but this could also create ideal conditions for a short squeeze.

The price of No-coin [NOT] Notcoin has seen a 62% rally over the weekend following a 40% drop over the past week. The price of Notcoin is now higher than it was on Monday, July 1.

Furthermore, it was accompanied by a huge increase in trading volume, with daily volume increasing by just over 300% on Sunday, July 7.

The Effect of Bearish Bitcoin Sentiment [BTC] The week’s high showed strong signs of fading. AMBCrypto took a closer look at NOT’s charts to understand if the bulls can push prices back to the highs of $0.03.

The break of the NOT trend line has been solidly bullish so far

Fuente: NOT/USDT en TradingView

Notcoin’s 6-hour chart showed that the token has been in a retracement phase since the second week of June. The Fibonacci retracement levels saw the 50%, 61.8%, and 78.6% levels tested as support.

The latter held its own over the past few days despite the overall market sentiment being bearish. The increased trading volume during the price bounce was also encouraging. This bounce saw Notcoin break the bearish market structure and also the trendline resistance.

Bollinger Bands started to expand to denote volatility and the RSI was above the neutral 50 level. It is expected that NOT can continue its uptrend to reach $0.03 in July, but this also depends on the trend of BTC.

Other metrics did not match the sustainability of the recent rebound

Source: Coinalize

Although price action and volume were firmly bullish, spot CVD has not moved up noticeably since its June plunge. This suggests that selling pressure has been so high for so long that bulls still have an uphill battle ahead of them to turn things around.

Learn The Notcoin [NOT] Price prediction 2024-25

Open interest increased significantly, indicating a short-term bullish sentiment. However, the funding rate barely rose above zero.

Therefore, the two futures metrics did not agree on speculators’ conviction, but we can conclude that in the short term, futures traders are increasingly eager to buy Notcoin.

Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.

Next: Whale Watching: The Impact on BNB as $100M Worth of Tokens Experience Movement

This is an automatic translation of our English version.

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