Why $NOT holders should be cautious of NOT’s latest rally - AMBCrypto Analytics

The 6-hour chart of Notcoin showed that the token has been in a retracement phase since the second week of June. The Fibonacci retracement levels saw the 50%, 61.8%, and 78.6% levels tested as support.

The final one was defended over the last few days even though the market-wide sentiment was bearish. The increased trading volume during the price bounce was also encouraging. This bounce saw Notcoin break the bearish market structure and also the trendline resistance.

The Bollinger bands began to expand to denote volatility, and the RSI was above neutral 50. It is expected that NOT can continue its uptrend to reach $0.03 in July, but this is dependent on BTC’s trend too.

Even though the price action and volume were firmly bullish, the spot CVD has not climbed noticeably from its slump in June. This suggested that the selling pressure has been so high for so long that the bulls still have an uphill battle ahead to turn things around.

The Open Interest rose considerably to indicate short-term bullish sentiment. However, the funding rate was barely above zero.

Thus the two futures metrics did not agree on speculator conviction, but we can conclude that in the short-term, futures traders are getting more eager to go long on Notcoin.