Notcoin(NOT) is attempting to kickstart the new week with a bullish surge, defying expectations of a weekend slump. While the token’s rise hints at a potential climb towards new highs, analysts remain cautious due to the lack of significant bullish momentum.
Market predictions anticipated heightened volatility over the weekend, but trading activity remained subdued. Notcoin, however, capitalized on this sluggishness and is currently experiencing a moderate upswing, potentially negating some of the recent bearish influence. The dream of a robust bullish trend propelling the NOT price to a new all-time high (ATH) persists, despite the overall market being entrenched in a bearish rut.
Despite the prevailing bearish trend, the NOT price demonstrates signs of a potential upswing. Since being rejected from previous highs, the price has been confined within a falling wedge pattern. The latest price increase suggests a potential bullish breakout from this pattern. The price is steadily testing the wedge’s resistance, hinting at a possible imminent breakout.
However, while market participants seem optimistic about a bullish surge, technical indicators paint a different picture. The falling wedge, although a bullish pattern, suggests a potential final dip before a confirmed breakout. The Ichimoku cloud remains bearish, while the Stochastic RSI is nearing upper resistance levels. This indicates a possible short-term pullback for the NOT price, potentially dragging it down to the lower wedge support around $0.016.
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On the other hand, the MACD indicator displays bullish signals with a potential bullish crossover on the horizon, hinting at a possible future upswing. With Bitcoin currently consolidating, a short squeeze across the market, including Notcoin, is a possibility. This could lead to renewed bullish dominance and propel the token towards a fresh upswing in the coming days.
The initial buying frenzy that fueled the recent bull run appears to have subsided. However, analysts believe the bulls will regroup and launch another attack, aiming for the key resistance zone around $0.025. This level will be a critical test of their strength, potentially determining whether Notcoin surges to new highs or remains range-bound with minimal price movements.
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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