Notcoin (
NOT) Forms Bullish
Divergence,
Faces Challenges Ahead
Notcoin (NOT), the Telegram-based tap-to-earn coin• Отдых, развлечения » Хобби » Коллекционирование » Нумизматика » Монета, is muddled in a tricky
situation. Some weeks back, the cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта outperformed crypto
heavyweights, including Bitcoin (BTC• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin), Ethereum (ETH• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum), and Solana ( SOL• Отдых, развлечения » Хобби » Коллекционирование » Нумизматика » Монета » Соль (монета) ).
Yet, over the last 30 days, it has struggled to maintain the momentum. NOT
trades at $0.013, representing a 27.17% decrease within the last month.
Notcoin Bulls Make Moves to Stop Bears
The 4-hour NOT/USD chart shows the cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта hitting an oversold point on
July 1. BeInCrypto found this after analyzing the Money Flow Index (MFI), a
technical tool that measures time and price to determine trading pressure.
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When it increases, it means that there is buying pressure. However, a decrease
implies selling pressure. Also, a reading below 20.000 means an asset is
oversold, while one above 80 means it is overbought.
On the date mentioned above, the MFI was 17.42. However, as of this writing,
the indicator s reading is 63.31, even though NOT’s price dropped by
4.88% in the last 24 hours. A situation like this is called a bullish
divergence.
It happens when price changes indicate a new low, but there is a boost in
capital flow. When this occurs, it means selling pressure is subsiding while
buyers are capitalizing on the lower values to buy at discount prices.
Read more: 5 Top Notcoin Wallets in 2024 Notcoin 4-Hour Analysis. Source:
TradingView
If buyers eventually take over the market, Notcoin’s price may increase as it
did between June 11 and 16. Before that period, as shown above, there was a
bullish divergence, after which the price went from $0.014 to $0.020 in less
than seven days.
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While this does not imply that NOT will replicate the same performance , it
indicates a notable price increase may be in the works. This could happen
within the next five days if validated, and NOT may reach $0.016.
NOT Price Prediction: Will the Roadblock Prevail?
In the past, Open Interest (OI) was one factor that helped NOT sustain its
uptrend. As commonly referred to, OI measures speculative activity in the
market. An increase in this indicator implies a rise in liquidity allocated to
contracts in the derivatives market
On the other hand, a decrease suggests an increase in closed positions. As of
this writing, Notcoin’s Open Interest is $143.08 million. Six days ago, the
value was $163.60 million, meaning contracts valued at $20 million had been
closed. Notcoin Open Interest. Source: Santiment
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For the price, this decrease implies that the downtrend is getting weak,
aligning with the MFI indications. But to reverse to the upside, more money
has to come into the derivatives market. If this happens, then NOT to $0.016
will begin its move.
Despite the bullish potential, the Ichimoku Cloud shows that NOT may face
resistance as it attempts to erase some of its recent losses . The Ichimoku
Cloud is a technical tool that measures momentum while gauging trend
direction.
If the cloud is above the price, it means the trend is down. But when prices
are above the cloud, it indicates an uptrend. As of this writing, the cloud is
above NOT’s price, indicating that the cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта may face some form of
resistance in trying to trade higher.
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Read more: Tap-to-Earn: What to Know About the Crypto GameFi Trend Notcoin
4-Hour Analysis. Source: TradingView
If successful, the NOT price may reach $0.016 or as high as $0.018 in the
short term. However, bearish rejection and a further decline in Open Interest
could lead the price to $0.011.
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Disclaimer
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informational purposes only and should not be considered financial or
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