Over the past month, the price of Notcoin [NOT] has continued to rise. During this period, the altcoin has shown strong upward momentum.
As of the time of writing, Notcoin is trading at $0.008588. This marks a 14.05% increase on the daily chart. During the same period, trading volume surged 130.68%, reaching $403.29 million.
Similarly, the altcoin has risen by 14.79% on the weekly chart and 13.03% on the monthly chart.
Despite these massive increases, this altcoin is still 70.7% lower than its all-time high. However, analysts are debating the trend of NOT in the current market conditions of significant rise.
One of them is Ali Martinez, who predicts the next price level will be $0.12 and points out that it will break the descending wedge.
Market sentiment for NOT
Martinez believes in the analysis that since breaking the descending wedge, NOT has been in a consolidation phase for the past two weeks.
According to him, this consolidation phase has allowed the altcoin to build strong momentum, which will drive it further up the price chart.
With increased buying activity and inflow of funds, the liquidity necessary for the upward trend is now in place. Therefore, based on his premise, NOT will reach $0.12.
The chart does not indicate anything.
While the analysis provided by Martinez above offers an optimistic outlook, it is essential to recheck other indicators and determine their implications.
Firstly, AMBCrypto's analysis indicates that buyers of Notcoin are in control, and the altcoin is experiencing strong upward momentum.
We can see this as the MACD line is above its signal line and histogram. When the MACD is set this way, it means the asset is facing upward price pressure, and the current trend will continue.
RVGI further confirms this momentum, as it has shown a bullish crossover in the past 24 hours.
Furthermore, Notcoin's open contracts have surged by 20%, reaching a three-month high of $145.03. When open contracts rise, it means investors are bullish and actively opening new positions.
An increase in funds flowing into new positions typically signals a price increase.
In addition, the funding rates aggregated by exchanges have remained positive over the past week. We can interpret this as a signal that most of these new positions are bullish.
Most investors are betting on a price increase and even paying a certain fee to hold positions.
Notcoin is currently in a bullish wave, and market sentiment is positive. With the bullish momentum continuously strengthening, there may be more upward movements on Notcoin's price chart.
Therefore, if these current conditions are maintained, NOT will reach $0.00992 in the short term. A breakout from here will strengthen the altcoin to $0.012.
