- A bullish falling wedge pattern appeared on NOT’s price chart
- Technical indicators pointed to an upcoming consolidation phase for the altcoin
Notcoins [NOT] Its performance over the past 24 hours has been impressive, with its value rising by double digits on the charts. While this massive increase can be attributed to bullish market conditions, it has also opened up an opportunity to NOT recoup the previous losses.
Notcoin caught investors off guard
CoinMarketCaps facts revealed that Notcoin posted a gain of more than 10% last week. That’s not all, as the price of the token has increased by almost 15% in the last 24 hours alone. At the time of writing, NOT was trading at $0.007155 with a market cap of over $733 million.
However, despite the price increase, only 479,000 NOT addresses were profitable, which made up 17% of the total number of NOT addresses. InTheBlok. That said, the trend can change quickly.
Think about this: the meteoric rise of the altcoin pushed its value to a key level. World Of Charts, a popular crypto analyst, also recently shared one tweet highlighting a bullish falling wedge pattern on NOT’s price chart.
This pattern first appeared in June. Since then, NOT has been consolidating in this regard. At the time of writing, Notcoin was consolidating in a tight zone and was about to test the pattern’s resistance. In the event of a breakout, investors can expect NOT to recover from their previous losses.
Source:
Will NOT finally break out?
As the altcoin was about to test a crucial resistance level, AMBCrypto then checked the on-chain data to find out the chances of Notcoin breaking above the pattern. According to our analysis of Santiment’s data, NOT’s social volume dropped significantly last week – a sign of a decline in popularity.
Weighted sentiment also followed a similar route. This highlighted the dominance of bearish sentiment in the market.
Moreover, we also found that Notcoin’s long/short ratio decreased. This meant that there were more short positions than long positions in the market – a bearish sign.
Source: Coinglass
Yet not everything was against NOT.
For example, trading volume increased along with the price, which set the stage for the bull rally. In addition, Open Interest also increased. When the measure rises, it means there is a good chance that the ongoing price trend will continue.
Source: Santiment
Read Notcoins [NOT] Price prediction 2024–2025
AMBCrypto then checked NOT’s daily chart to better understand where it was heading in the short term.
We found that it did NOT manage to get above the 20 day SMA. but the Bollinger Bands pointed to a few days of consolidation ahead. Therefore, investors must remain patient and avoid breaking out of the pattern before they can recoup past losses.
Source: TradingView