Notcoin Surges 14%: Is Another 80% Surge Coming for NOT?

  • Notcoin price increased by more than 14% in the last 24 hours.
  • Derivatives market metrics hinted at a price correction.

No-coin bulls [NOT] clearly dominated the market last week as the price of the newly launched token rose by double digits.

This could just be the tip of the iceberg, as the usual bullish trend hinted at a massive rally in the coming weeks or months. Let’s see what’s going on.

Notcoin is on the rise

Data from CoinMarketCap revealed that Notcoin’s price had dropped to last week’s low of $0.0093 on July 5. However, since then, the token has gained bullish momentum.

In the past seven days, the price of NOT has increased by more than 14%. In fact, in the past 24 hours alone, the value of NOT has increased by more than 4%.

At the time of writing, NOT was trading at $0.01596 with a market cap of over $1.63 billion.

AMBCrypto’s analysis of Santiment data revealed that the bullish price action had a positive impact on the token’s social metrics as its weighted sentiment improved.

This meant that bullish sentiment around the token was high.

Source: Santiment

Meanwhile, World Of Charts, a popular cryptocurrency analyst, recently posted a tweet highlighting the fact that NOT has managed to successfully break out of a descending channel pattern.

The token has been consolidating within the pattern since June after hitting an all-time high. If the pattern holds true, investors could witness NO surge by 80% to 90% in the coming months.

Source: X

NOT’s next goals

Since the aforementioned breakout looked bullish, AMBCrypto planned to dig deeper into NOT’s statistics to see if they also support a price increase.

Our analysis of Glassnode data revealed that Notcoin’s long/short ratio has decreased.

A drop in the ratio means that there are more short positions in the market than long positions, implying that bearish sentiment was dominant in the market.

Fuente: Coinglass

Additionally, NOT’s funding rate also increased. Prices usually tend to move in a different direction than the funding rate, suggesting a price drop in the coming days.

We then checked the token’s daily chart, which showed that the Relative Strength Index (RSI) and Chaikin Money Flow (CMF) were both registering declines.

Bollinger Bands revealed that the NOT price touched the upper boundary of the indicator. This usually results in a price correction.


Whether realistic or not, here is NOT’s market cap in terms of TON


However, the MACD technical indicator supported the buyers as it showed a clear bullish advantage in the market.

Source: TradingView

For Notcoin to maintain its uptrend, it is important for it to break above $0.0172. A successful break above that level would allow it to touch $0.02 before retesting its all-time high.

Source: TradingView

Next: Japanese MicroStrategy Metaplanet “buys the dip” and invests 400 million yen in Bitcoin

This is an automatic translation of our English version.

 
For Latest Updates Follow us on Google News
 

-

PREV Is the sale of Millicom, owner of half of Tigo, falling through? Executives rejected the purchase offer
NEXT the reasons behind the bankruptcy