Notcoin (NOT) experienced a 3.02% price decline in the past 24 hours, with the token currently trading at $0.005802. Despite this drop, the market capitalization saw a modest increase, rising to $594.42 million. This suggests that, even with the decrease in price, investors remain confident in the long-term potential of the coin.
Trading volume, however, decreased by 9.08% to $86.19 million, reflecting a moderate level of market activity. The volume-to-market cap ratio stood at 14.49%, indicating that the trading interest is present but not overwhelming. The fully diluted valuation (FDV) of Notcoin remained steady at $594.38 million, which further supports the notion of confidence in the coin’s future prospects.
Low Volatility Suggests Potential Breakout
Notcoin’s price has shown signs of consolidation, holding steady around $0.005807, and technical indicators suggest it could be primed for a breakout. Analysts have observed that the Bollinger Bands, which measure price volatility, have been narrowing. The upper band is currently set at $0.0071, while the lower band sits at $0.0054. This tightening of the bands often signals low volatility, which historically precedes a significant price move.
Despite this potential for volatility, other indicators point to bearish momentum. The Moving Average Convergence Divergence (MACD) is currently below its signal line, suggesting ongoing downward pressure. The negative histogram further confirms the bearish sentiment. A bullish reversal is possible, but for this to occur, the MACD line would need to cross above the signal line, with a positive shift in the histogram moving toward the $0.0071 resistance level.
Meanwhile, the Chaikin Money Flow (CMF) stands at -0.06, indicating mild selling pressure. A CMF reading below zero shows that sellers are in control, but if this metric shifts above zero, it could signal increased buying activity and a potential upward price move.
Market Sentiment – Selling Pressure Remains
The “In/Out of the Money” chart reveals that many holders of NOT are currently “Out of the Money,” as most addresses hold the token at higher price levels, ranging from $0.005920 to $0.017413. These holders are facing unrealized losses at current price levels. In contrast, only a small percentage of addresses are “in the money,” indicating limited profitability for current holders.
The long/short ratio also reflects fluctuating market sentiment. Recent spikes in selling volume, with sellers occasionally outnumbering buyers, have resulted in alternating control within the market. While sellers dominate during these periods, the lack of sustained momentum suggests a balanced market sentiment.
Also Read: Notcoin (NOT) Rises 5.22% In A Month – Analysts Predict 12.50% Surge Ahead!
Falling Wedge Pattern Could Lead to Price Rally
Crypto analyst Ali Martinez has identified a bullish falling wedge pattern on Notcoin’s chart, a formation that often precedes a breakout. If this pattern plays out, the price could potentially target $0.012. However, confirmation is still needed, and traders will need to closely monitor the technical indicators for signs of increased buying pressure.
As of now, Notcoin’s short-term outlook is uncertain. If buying pressure increases, the token could test its upper resistance levels. On the other hand, if selling pressure persists, Notcoin may revisit lower support levels at $0.0054. Regardless of which direction the market takes, traders should keep an eye on technical signals to determine the best entry and exit points.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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