- In the last 24 hours alone, Notcoin has fallen by over 7%
- A bullish pattern appeared on NOT’s chart, indicating a price increase
Non-coin [NOT] was a much hyped topic in the market even before its launch. However, the launch itself was quite disappointing, as the price dropped significantly on the charts shortly afterwards. And yet, the trend could quickly change if a bullish pattern appears on the price chart of the newly launched token.
Possible comeback of Notcoin
Notcoin caused a lot of fuss even before its launch. However, investors’ expectations were not met as the price of the token fell. However, the token quickly gained bullish momentum as its value increased by over 40% in just 7 days.
This trend quickly changed, as the altcoin has fallen in value by more than 7% in the past 24 hours. At the time of writing, NOT was trading at $0.0203 with a market cap of over $2 billion. The price drop also had a negative effect on the token’s social metrics.
For example, the altcoin’s social volume dropped, due to a decline in popularity. Moreover, weighted sentiment remained in the negative zone – a sign that bearish sentiments maintained dominance in Notcoin’s market.
Source: Santiment
Nevertheless, this could be a minor setback for the altcoin as a bullish pattern appeared on NOT’s price chart. Captain Faibik, a popular crypto analyst, recently posted one tweet This highlighted the fact that NOT seemed to be on the verge of breaking out of a bullish pattern.
NOT has been consolidating within a bullish pattern in recent days, and a successful breakout could result in a 67% upside. The price pump may also soon see the token retest its all-time high.
Is a trend reversal possible?
As a bullish pattern indicated a trend reversal, AMBCrypto monitored Notcoin’s 12-hour chart to see if it could break above the pattern in the coming days. According to our analysis, the technical indicator MACD showed a clear bearish crossover, which indicated a continued price decline.
Nevertheless, the Relative Strength Index (RSI) registered an increase. The Chaikin Money Flow (CMF) also followed a similar trend – indicating that NOT could successfully break above the bullish pattern.
Source: TradingView
In the meantime, Tonmint [TON], the blockchain on which NOT is minted, also gained bullish momentum. The price of TON has risen by more than 17% in the past seven days. At the time of writing, the token was trade at $7.40 with a market cap of over $417.9 billion, making it the 9th largest crypto.
Read Notcoins [NOT] Price prediction 2024-25
However, it is interesting to note that TON currency outflows declined last week, after peaking on June 3. This meant a decrease in purchasing pressure, which could cause problems.
Source: Santiment