- NOT stagnated around $0.12 as demand and inflows leveled off
- However, there would be a potential gain of +10% at stake if $0.014 is retested
Apart from the overall recovery of the market, native tokens of projects are linked to Telegram and The Open Network (TON) benefited of Toncoin’s listing on Binance. The clicker game Notcoin [NOT] was no exception.
NOT jumped and gained 15%, hitting $0.012 on the day of trading – August 8. Since then, however, price action has stagnated somewhat. Now what’s next for the viral Telegram game?
NOT – Important levels to watch
Source: NOT/USDT, TradingView
On the 12-hour chart, $0.01 has acted as key support over the past two months. It was a key price interest for bulls as it doubled as a bullish order block (OB) and aligned with the 76.8% Fib level.
At the top end of the price action, the immediate bullish target was the 61.8% Fib level ($0.014) and the 50% Fib level ($0.016). The 50% Fib level was a crucial short-term stock as it blocked any additional rebound in July.
So, where could NOT go?
At the time of writing, the price chart indicators were neutral and did not favor an up or down trend. This was underlined by a sideways movement of the RSI (Relative Strength Index) and CMF (Chaikin Money Flow), which almost reached their average levels. It meant that demand and inflow leveled off.
However, additional momentum towards the immediate bullish target of 61.8% ($0.014) remains likely. That would translate into a potential gain of +10%.
The additional revival theorem can also be confirmed by an upturn in Open Interest (OI). OI rose about 10%, rising from $80 million to over $90 million on August 10. This suggested that more liquidity was flowing into NOT’s Futures market and could fuel the recovery.
Source: Santiment
Despite the overall bullish sentiment based on the OI rebound, NOT’s weighted sentiment fell further into negative territory.
Previous additional dips in weighted sentiment delayed NOT’s price recovery, and a similar scenario would delay the $0.014 retest.
Read Notcoin price prediction 2024-2025
Source: Santiment
In conclusion, NOT has benefited from a double catalyst: a general market recovery and interest in Telegram projects following the Toncoin listing on Binance. While recovery and a likely retest of $0.014 remain likely, the upcoming negative sentiment over the weekend could delay such a scenario.
Disclaimer: The information presented does not constitute financial advice, investment advice, trading advice or any other form of advice and is solely the opinion of the writer