The Notcoin price has slumped 10% in the last 24 hours to trade at $0.01351 as of 7:30 a.m. EST on a 25% surge in trading volume to $430 million.
Notcoin Price Analysis: Can The Bulls Regain Momentum?
Notcoin (NOT) has been experiencing a downturn as bears capitalize on resistance at $0.02627, driving the price down during this corrective phase.
The battle between buyers and sellers has also led to the falling wedge pattern, which indicates a shift to the bullish trend reversal and potential rally ahead.
Despite the downturn, the bulls are showing resilience by preventing further gains for the bears, establishing a solid support level along the lower trendline of the wedge. If the bulls maintain this upward momentum from the support zone, they could push the price to reclaim the previous high of $0.02164.
NOTUSDT Chart By Tradingview.com
The current price trades below the 50-day simple moving average (SMA). If the price bounces from the wedge’s lower trendline, it can climb above the 200 SMA. This would strengthen bullish momentum above the wedge and confirm a rally in favour of the bulls.
The relative strength index (RSI) has rebounded from the oversold level of 30 and is now hovering around the 50 midline, currently at 45. If buying pressure continues to build, it could push the price into the overbought zone.
Moreover, the MACD indicator shows promising signs of a bullish turnaround just below the neutral level. The blue average line has crossed above the orange signal line, and the histogram has turned green slightly above the neutral line. These factors indicate support for a forthcoming bullish rally.
Notcoin Price Prediction: Bulls Gear Up For A Bull Rally
The bulls are set to recover their losses on the NOT price on the lower trendline of the wedge. Moreover, if the price surpasses 50 and 200 SMA, the bulls could push the price up to 0.02836, which is an all-time high.
However, if the bulls fail to break through the 200-day SMA coinciding with the upper boundary of the wedge, the bears might take control and drive the price below the current support level. The next support zone to watch is $0.008649 in such a scenario.
An Attractive Alternative
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The project’s Play-to-Earn (P2E) strategy motivates players to care for their virtual pets and engage in adventurous quests to earn rewards. The team also intends to develop additional projects to increase the token’s utility.
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