$NOT Cleared The Falling Wedge Test 🚀🚀
It's the "PIERCING CANDLE" that has made this breakout possible and the reversal has finally started.
So, let's delve into analysing the facts fuelling this reversal.
📊 As per the R/S levels I mentioned in the earlier post the price ticked all the boxes during the steady decline forming a falling wedge triangle pattern. The support proved to be strong at $0.015 and this is the point where the turnaround started.
Now when a green candle rises from the support and closes above the mid-line of the previous red candle (which is strong in volume), then such a pattern is called a piercing pattern. Though a gap down opening of the green candle validates this pattern 100%, but even a flat opening of the green candle is enough to prove its mettle.
This formation is one big signal of a REVERSAL without any second thought.
As of now Not has shattered past all the resistances of $0.016, $0.017 with ease & trading comfortably above $0.0185 at the time of writing, up more than 20% for the day.
📌 Now, the next hurdle stands at $0.02 which is the most important level, a kind of make or break. But with all the past analysis and current metrics, there's a slim chance of Not facing a steep decline if rejected at this resistance of $0.02 as there has been enough decline from the top.
So friends the reversal has started. Can we witness Not breaking past $0.03 this week? That would be a little tough task, but surely we will see Not hitting a new ATH this month if this momentum continues.
