- Notcoin crypto ranks 15th among cryptos in terms of trading volume.
- Trading volume has declined by 70% in a week.
The chart structure displays that the Notcoin price has been in a strong bullish trend from the last week of May and gained around 500% till June 02, 2024. The bullish trend was interrupted from the $0.0250 mark with short-term profit booking initiated.
At the time of writing, Notcoin traded at $0.0161, losing 8.23% in the past 24 hours. The market capitalization is $1.66 Billion and the 24-hour trading volume is $714.88 Million. The circulating supply and the total supply is 102,701,033,769 NOT.
Notcoin Price Ready to Shoot up 50% in the Short-term?
A source on X claims that the NOT price has formed a falling wedge pattern and is currently at a crucial breakout level.
$NOT Falling Wedge formation on the 4H timeframe Chart..!!
— Captain Faibik (@CryptoFaibik) June 10, 2024
In Case of Wedge Upside Breakout, Expecting +50% Bullish Rally in the Short term.. #Crypto #NOT #NOTUSDT pic.twitter.com/1GTL1tBSOf
As per this specific post, the NOT might rise 50% after a breakout in just a few days.
Volume Dropped by 70%; What’s Next?
The graph suggests that the trading volume has decreased by more than 70% in a week. This enormous change in trading volume has dragged the price by down by 30% in a week. If the trading volume bounces back wildly, then it may impact the price positively.
Notcoin Price Technical Analysis Over 1-D Timeframe
As per the chart structure, NOT has shown weakness in the past few days, falling to the 20-day exponential moving average. If the price falls to the 20-day EMA and bounces back, buyers may show involvement.
Engagement of buyers at this time may lift the price to the last swing high. Suppose the trading volume increases and the interaction on social media also increases, the price may record a new all-time high.
On the other hand, if the price fails to defend the 20-day EMA and sustains then selling pressure can be expected. The price below the 20-day EMA may convince the investors for profit booking.
Notcoin Price Has Formed a Falling Wedge Pattern
In a 4-H time frame, the NOT formed a falling wedge pattern and the price is at the crucial level of breakout. If price breaks out and trading volume increases, then buying momentum will be expected. The price may record a new all-time high if the buyers remain strong.
On the other hand, a breakdown from the falling wedge pattern may drag the price to the $0.0110 support level. If the price starts trading below the $0.0110 level, strong selling pressure would be expected.
Conclusion
Notcoin price has experienced a significant decline recently. However, there are indications that the price may rebound in the short term, potentially by up to 50%, if a breakout occurs and trading volume increases. The technical analysis suggests that the price may find support at the 20-day exponential moving average, but a failure to sustain above this level could lead to further selling pressure.
Technical Levels
NOT price is expected to take support on the $0.0110 and $0.0080 levels. Alternatively, it may face resistance from the $0.0200 and $0.0270 mark.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.