Notcoin (NOT), the cryptocurrency, has recently experienced a 3.4% surge, reaching a price of $0.0085. This increase mirrors the broader cryptocurrency market’s recovery. However, despite this positive trend, Notcoin continues to grapple with bearish pressures. The critical question remains: Will the token successfully breach the $0.0104 resistance level, or will these bearish challenges ultimately lead to a price decline?
Bearish Signals – A Rising Wedge and MACD Trends
A closer look at Notcoin’s four-hour chart reveals a concerning rising wedge pattern. This technical formation suggests weakening upward momentum. If the token price drops below the lower trendline of the wedge, it could trigger a significant bearish trend.
The Moving Average Convergence Divergence (MACD) indicator further reinforces this bearish sentiment. Negative histograms on the MACD chart indicate that bears are gaining dominance. Additionally, the MACD line remaining below the signal line confirms the ongoing selling pressure. A potential drop below the zero line could signal a stronger bearish trend, potentially pushing prices down towards $0.0064.
However, it’s important to note that the on-balance volume (OBV) remains high, suggesting that buyers are still actively accumulating the token. This could indicate a period of consolidation before the next significant price movement.
Positive Signs – Active Addresses and Funding Rates
Not all signs point to a bearish future for Notcoin. A significant surge in active addresses, increasing by 124% to 24,530 in just 24 hours, demonstrates growing interest and activity surrounding the token. This increased participation could potentially fuel further price gains.
In the derivatives market, rising funding rates, currently at 0.0305%, indicate that long traders are willing to pay a premium to hold their positions. This positive sentiment suggests that traders anticipate further price increases.
While Notcoin faces bearish pressure from technical indicators, the increased activity and positive sentiment in the derivatives market offer a glimmer of hope for a potential rise to $0.0104. However, traders should exercise caution and closely monitor market developments. The next few days will be crucial in determining the direction of Notcoin’s price.
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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