$NOT Cleared The Falling Wedge Test ๐๐
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.
๐ 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.
๐ 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.
#NOT๐ฅ๐ฅ๐ฅ #Notcoinnews #CPIAlert #TopCoinsJune2024 #altcoins
