$NOT price drops to $0.013, down 27.17% on the month.#Notcoinbulls gather momentum to resist bearish pressure
The 4-hour chart shows that the cryptocurrency has hit oversold territory on July 1. BeInCrypto provides insight into the situation using the Money Flow Index (MFI). A rising MFI indicates increasing buying pressure, while a falling MFI indicates increasing selling pressure. MFI values below 20 indicate oversold, while values above 80 indicate overbought. On July 1, the MFI value was 17.42, while at the time of writing, it has risen to 63.31. This shows that despite the decline in the price, the inflow of funds is increasing, indicating that selling pressure is easing.
If bulls can take control of the market, Notcoin's price could rise. Historically, bullish divergences have driven the price of the coin from $0.014 to $0.020. Although there is no guarantee that the same trend will repeat, the price of the coin could reach $0.016 in the next five days.
NOT Price Prediction: Can It Break Through the Obstacles?
In the past, the open interest (OI) has been supporting the upward trend of NOT. An increase in OI means that the derivatives market has stronger liquidity, while a decrease indicates that more positions are being closed. Currently, Notcoin's OI is $143.08 million. Six days ago, the figure was $163.60 million, which means that $20 million of contracts were closed. This shows that the downward trend is weakening, which is consistent with the MFI indicator. For an upward reversal to occur, more funds need to flow into the derivatives market. If this happens, NOT's price is expected to rise to $0.016.
However, despite the bullish potential, the Ichimoku Cloud shows that NOT may face resistance as it tries to recover the recent losses. If the cloud is above the price, it indicates a downward trend. Currently, the cloud is still above the NOT price, showing the resistance it faces as it tries to rise.
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