Notcoin (NOT) is making strides to kick off the week on a positive note, defying the market downturn that many altcoins have not been able to escape. The anticipated rise in Notcoin’s value aims for new peaks, yet the absence of strong upward momentum suggests a challenging and gradual climb.
How is Notcoin Performing?
During the weekend, market watchers anticipated heightened volatility, but the market remained inactive. Despite this, Notcoin quickly garnered strength and attempted to solidify its upward trajectory. This ascent could mitigate the altcoin’s downward pressure. Although trading volumes were below average, there remains optimism for NOT’s price to surge towards a new all-time high (ATH).
Despite prevailing bearish market conditions, Notcoin’s price exhibited signs of a healthy rise. Since pulling back from its highs, the price has been moving within a falling wedge formation. This recent increase has raised hopes for an upward trend as the price climbed along the resistance line of the falling wedge, indicating a potential breakout soon.
What Are the Technical Indicators Suggesting?
While market optimism persists, charts and technical indicators suggest the rise might not be immediate. A falling wedge is typically bullish, but indicators hint at one last dip before a breakout. The Ichimoku cloud maintains a bearish trend, and the stochastic RSI nearing upper resistance suggests a minor pullback around $0.016.
Actionable Insights
– Monitor the MACD for a bullish crossover, indicating a potential rise.
– Watch Bitcoin (BTC) consolidation, as it might trigger a short squeeze benefiting Notcoin.
– Focus on the key resistance area around $0.025 for signs of a new rise.
– Be cautious of minor pullbacks around $0.016 due to technical resistance.
In a positive scenario, the MACD is on the verge of turning bullish, hinting at a potential rise. As Bitcoin (BTC) consolidates, it could lead to a short squeeze impacting the market, including Notcoin. However, for a fresh bull run to commence, bulls must assert dominance in the coming days.
The critical question now is whether NOT’s price can surpass a new ATH above $0.03. Currently, bulls appear weakened as buying pressure did not surge post the last bull run. After a consolidation phase, bulls should aim for the key resistance at $0.025 to initiate a new rise. Strength is crucial here to drive Notcoin to new highs. Failure to do so could see the altcoin stuck in a range with minor fluctuations.