Expert Analysis: Can Notcoin Price Break ATH in the Near Future?
Notcoin (NOT) experienced a 4.5% decline over the previous 24 hours, failing to reach $0.01398. During this time, trading volume for the TON-based gaming token dropped by 14%. However, despite these developments, a bullish pattern is emerging, and an upward price breakout could lead to Notcoin achieving a new all-time high.
Technical Analysis
Over the past two weeks, NOT’s price has shown sideways movement and declining trading volume, maintaining stability. The asset has established a strong support level around $0.0136 during this period.
Currently, NOT’s price is below the 50-day and 200-day simple moving averages on the 4-hour timeframe, and the 14-day relative strength index (RSI) is indicating a lack of bullish momentum with a value of 43.
Considering a potential upward movement, if bullish sentiment persists, the price of NOT could increase by 18%, reaching around $0.01778.
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Looking at a broader perspective, Notcoin is currently in a one-month falling wedge pattern that is nearing conclusion. A breakout from this pattern could lead to a potential surge of 109% to reach its previous yearly high of $0.0294.
Market Optimism Amidst other Competitors
Furthermore, the current price level aligns closely with the 0.618 Fibonacci retracement level, suggesting strong support. A rebound from this level could propel NOT’s price towards the 0.27 Fibonacci extension level at approximately $0.038, representing a 170% increase from the current price.
Although there has been a decline in trading volume, data from Coinalyze indicates a 2.49% increase in NOT’s open interest over the past 24 hours, with 69% of traders taking Long positions. This suggests that the majority of traders are accumulating Notcoin in anticipation of a breakout.
In the face of new competitors, Notcoin, a leader in the TON gaming niche, faces the challenge of maintaining its position. The developers have introduced earning missions and have recently burned 210 million NOT tokens valued at over $3 million to address this challenge.
As it Stands
In conclusion, Notcoin’s price analysis indicates a promising potential to surpass its all-time high, subject to specific market conditions. As a prominent token on the TON network, Notcoin continues to attract investor attention within the expanding gaming and meme coin sector.
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Meet Daniel Abang: Crypto guru, content creator, and analyst. With a deep understanding of blockchain, he simplifies complex concepts, guiding audiences through the ever-changing crypto landscape. Trusted for his insightful analysis, Daniel is the go-to source for staying informed and empowered in the world of cryptocurrency.
