Notcoin (NOT) has recently experienced a sharp drop, with its price once halved (down 50%). However, this cryptocurrency associated with Telegram has recently shown signs of a possible rebound.
Notcoin shows a classic bullish pattern: inverse head and shoulders
NOTcoin is forming a classic bullish pattern - an Inverse Head and Shoulders (IH&S). This pattern usually consists of three lows: a lower intermediate low (the head) sandwiched between two slightly higher lows (the shoulders).
The pattern is complete when the price breaks the neckline formed by the left and right shoulder peaks on heavy volume. At that point, the price is expected to rise to a point equal to the distance between the low of the head and the neckline.
As of July 12, Notcoin is in the process of forming the right shoulder of an inverse head and shoulders pattern and is about to break through the neckline resistance level of approximately $0.017.
If a breakout occurs, NOT’s price target could soar to around $0.031, which would represent a gain of more than 100% from current levels. However, if the price falls below the low of the right shoulder (around $0.0133), it could fall towards the May support around $0.011.
Notcoin faces challenges: market concerns and strategic shifts
Notcoin’s recent decline is in line with the overall cryptocurrency market’s decline. The main drivers are ongoing concerns over Mt. Gox’s upcoming repayments and the German government’s massive Bitcoin (BTC) sales.
Notcoin's founder Sasha shifted the focus from the "click-to-earn" game model to the development of "subsystems", which also affected its price trend. "Subsystems" refers to a series of Telegram applications supported by NOT tokens.
Despite the challenges, the Notcoin team continues to work hard to expand its ecosystem. Their recent partnership with The Open Network (TON) to launch an NFT project called “Lost Dog” demonstrates their commitment to growth and innovation.
Notcoin Expands Ecosystem with New Features and Partnerships
The Notcoin team recently launched the "Discover" feature, where users can discover new games within the Telegram app and earn rewards. This initiative allows game developers to showcase their projects to over 40 million users. However, developers need to contribute at least $20,000 in Notcoin tokens to fund these rewards, which may drive higher demand for NOT tokens in the future.
Additionally, Notcoin has partnered with DeFi pioneer 1inch and Sequoia-backed proof protocol Sign to launch “Triangle,” a startup accelerator program for the Telegram and TON cryptocurrency ecosystems.
The accelerator program aims to attract developers focused on improving the TON user experience, creating popular “click-to-earn” applets, and developing consumer applications that bridge Web2 and Web3.
These strategic moves and partnerships could be bullish for Notcoin’s technical outlook in the coming weeks. With potential interest rate cut signals emerging, the uptrend for Notcoin and the entire cryptocurrency market could strengthen further.
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