Why Notcoin holders should be cautious of NOT’s latest rally – perspective by AMBCrypto
Notcoin (NOT) saw a 62% rally over the weekend after the 40% drop over the past week. The price of Notcoin is now higher than it was on Monday, the 1st of July.
Additionally, it was accompanied by a large increase in trading volume, with the daily volume soaring by just over 300% on Sunday, the 7th of July.
The effect of Bitcoin’s (BTC) bearish sentiment last week showed strong signs of wearing off.
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.
Thus, we can conclude that in the short-term, futures traders are getting more eager to go long on Notcoin, which proves its bullish perspective in the nearest term.
#BinanceTurns7 #BTC_Bounce_Back_to_57k #Ton_Coin_Surge #Notcoin👀🔥
