Notcoin (NOT) faces consolidation despite high confidence
Telegram coin Notocoin (NOT) is showing signs of a potential recovery after recording a significant decline in the past few days.
This recovery depends on market conditions and investors, who are sending mixed signals.
Telegram investors are making interesting moves
The price of NOTcoin is likely to benefit from a positive outlook, which NOT holders are clearly showing at the moment. This is visible in Telegram Coin's very positive funding rate, which indicates strong confidence and conviction among traders.
This sentiment reflects a bullish market outlook, as investors are willing to pay a premium to maintain their long positions. In other words, long contracts currently dominate short contracts.
However, the Chaikin Money Flow (CMF) indicator tells a different story. This technical indicator, which measures the flow of money in and out of an asset, shows that the altcoin is struggling to attract significant inflows from investors.
The difference between the financing rate and the CMF index indicates mixed sentiment in the market. While a high funding ratio signals optimism, the lack of significant inflows indicated by the CMF highlights underlying concerns among investors.
Ultimately, this case highlights the complexity of current market dynamics, which do not point to a recovery or decline.
NOTCOIN PRICE FORECAST NOT: What lies ahead remains sideways
Notocoin's price will likely see consolidation as investors are eyeing a rise in the price, but flows are not strong enough to carry out this optimism. Currently, NOT is oscillating between the $0.017 resistance level and the $0.015 support level.
At the time of writing, Notecoin's price is trading at $0.014. $0.013 will likely be established as the new minimum. The resistance line mentioned above will remain in effect, acting as an upper limit for consolidation.
Whether it is a breakdown or a breakout, both will invalidate the bullish neutral hypothesis. While a breakout will push NOT to $0.020, a breakout will push it down to $0.0095.
