#Notcoin Bulls make moves to stop bears
The 4-hour chart shows that the cryptocurrency reached an oversold point on July 1st. BeInCrypto analyzed the situation using the Money Flow Index (MFI). When MFI increases, it indicates buying pressure, and when it decreases, it indicates selling pressure. A reading below 20 indicates oversold, while a reading above 80 indicates overbought. On July 1, the MFI was at 17.42, but at the time of writing it is at 63.31. This shows that despite falling prices, capital inflows have increased, indicating that selling pressure has eased.
If buyers take control of the market, the price of Notcoin could rise. In the past, bullish divergence has seen the price rise from $0.014 to $0.020. While this does not guarantee the same performance, the price could reach $0.016 within five days.
NOT Price forecast: will the barrier be overcome?
In the past, Open Interest (OI) has supported NOT's uptrend. An increase in OI indicates greater liquidity in the derivatives market, while a decrease indicates more positions have been closed. At the time of writing, Notcoin's OI is $143.08 million. Six days ago it was $163.60 million, meaning contracts worth $20 million were closed. This indicates a weakening of the downward trend, which is consistent with the indicators of MFOs. For an upward reversal, there needs to be an influx of more money into the derivatives market. If this happens, the price of NOT could rise to $0.016.
Despite the bullish potential, the Ichimoku Cloud indicates that NOT may face resistance as it attempts to regain levels lost during the recent decline. If the cloud is above the price, it indicates a downward trend. At the time of writing, the cloud is above the NOT price, indicating resistance as it tries to trade higher.
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