$NOT is trading at $0.013, experiencing a 27.17% drop over the past month.
#Notcoin Bulls Make Moves to Stop Bears
The 4h shows that the cryptocurrency reached an oversold point on July 1. BeInCrypto analyzed the situation using the Money Flow Index (MFI). When MFI increases, it indicates buying pressure, and when it decreases, it indicates selling pressure. A reading below 20 suggests overselling, while a reading above 80 indicates overbuying. On July 1, MFI was at 17.42, but at the time of writing, it is at 63.31. This shows that, despite the price falling, capital inflow has increased, indicating a reduction in selling pressure.
If buyers take control of the market, Notcoin's price could rise. In the past, bullish divergence caused the price to rise from $0.014 to $0.020. While this does not guarantee the same performance, the price could reach $0.016 within five days.
NOT Price Prediction: Will the Barrier Be Overcome?
In the past, Open Interest (OI) supported NOT’s upward trend. An increase in OI means more liquidity in the derivatives market, while a decrease indicates more closed positions. At the time of writing, Notcoin’s OI is $143.08 million. Six days ago, it was $163.60 million, meaning $20 million worth of contracts were closed. This indicates that the downward trend is weakening, consistent with MFI indicators. For an upward reversal, more money needs to flow into the derivatives market. If this happens, NOT’s price could rise to $0.016.
Despite the bullish potential, the Ichimoku Cloud shows that NOT might encounter resistance while trying to reclaim levels lost during the recent decline. If the cloud is above the price, it indicates a downward trend. At the time of writing, the cloud is above NOT’s price, indicating resistance as it tries to trade higher.
