Nov 25, 2024

6thTrade

Notcoin (NOT) has been riding a strong bullish wave, gaining significant momentum over the past month. At the time of writing, the altcoin is trading at $0.008588, reflecting a 14.05% daily increase. Trading volume has also soared by 130.68%, reaching $403.29 million.

On weekly and monthly charts, NOT has risen by 14.79% and 13.03%, respectively. Despite these impressive gains, the token remains 70.7% below its all-time high (ATH). However, analysts are optimistic about its trajectory, with some eyeing $0.12 as the next key milestone.

Bullish Momentum Builds After Falling Wedge Breakout

Analyst Ali Martinez highlights that NOT has been consolidating for two weeks after breaking out of a falling wedge pattern.

This consolidation phase has allowed the token to gather the liquidity needed for an uptrend. Martinez predicts that increased buying activity and funds inflow will propel NOT to $0.12 in the near term.

What the Charts Say

While Martinez’s analysis is optimistic, a closer look at additional indicators reinforces the bullish outlook:

  • MACD (Moving Average Convergence Divergence): The MACD line remains above its signal line, with a positive histogram, indicating sustained upward pressure and the likelihood of continued gains.

  • RVGI (Relative Vigor Index): A bullish crossover in the past 24 hours further confirms strong buying momentum.

These indicators collectively suggest that buyers are firmly in control, supporting the potential for further price increases.

Rising Open Interest and Positive Funding Rates

Additional data supports the bullish sentiment:

  • Open Interest: NOT’s Open Interest has climbed by 20% to a 3-month high of $145.03 million, signaling increased investor participation and bullish sentiment. A rise in Open Interest often correlates with an impending price increase.

    Source: Santiment

  • Funding Rate: Aggregated funding rates across exchanges have remained positive for the past week, indicating that traders are predominantly holding long positions and betting on continued price growth.

These metrics indicate a favorable environment for sustained upward momentum.

Price Outlook: $0.12 on the Horizon?

With its current bullish trajectory, NOT could first aim for $0.00992 in the short term. A breakout beyond this level could pave the way for a move toward $0.12, as forecasted by Martinez.

If the prevailing conditions—strong buyer activity, rising Open Interest, and positive market sentiment—persist, NOT is well-positioned for further gains. Investors should monitor key resistance levels and indicators to gauge the token’s next move.