12 Jul 2024 Arjun Agarwal
NOT Surges As Bulls Regain Partial Control
Since July 6, the price of the token that powers the Telegram-based game Notcoin - NOT, has increased. The altcoin is currently trading at $0.01517. The rally started just below $0,1 and reached a weekly high of $0,1747 before correcting itself to its current price point.
Source: CoinMarketCap
A review of some of the most important technical indicators for the token shows that the bulls have taken back control of the market, which is why the price has rallied.
Technical indicators suggest a bullish run
The directionality movement index (DMI) readings for Notcoin (NOT) support the renewed bullishness surrounding the altcoin.
The indicator calculates the direction and trend of an asset's price. The Average Directional Index (ADX), the Negative Directional Indicator (-DMI), and the Positive Directional Indicator (+DMI) make up this system.
The strength of a price downtrend is indicated by the -DMI, whereas the strength of upward price movements is indicated by the +DMI.
On July 7, NOT's +DMI line passed over its -DMI. Because it shows that the asset's price uptrend is growing stronger than its downward movements, this crossover is viewed as a bullish signal. The price of NOT crossed above its 50-day small moving average (SMA) and 20-day exponential moving average (EMA) on the same day. A price increase above these important averages for an asset shows bullish momentum. It implies that traders are feeling upbeat about the asset and that it is trending upward.
NOT Price Prediction: The Bulls Hold on
The token's weighted sentiment is currently above the zero line at 0.05 as of this writing. This measure monitors the market's general sentiment toward an asset. It takes into account the amount of social media conversation and the sentiment trailing the asset.
Notcoin started this week off on the right foot, showing increasing momentum that continued into the weekend. The token saw significant growth from Friday to Sunday, rising 15% from its starting price of $0.00912 to its highest point of $0,1747. The $0.017 resistance level, however, presented a hard-to-overcome obstacle for NOT to acquire additional price growth.
Notcoin has demonstrated resilience in recent weeks, even though it has experienced a 14% decline over the last month after reaching its all-time high of $0.02896 on June 2. In the midst of a volatile cryptocurrency market, its potential for stability is highlighted by a 14% recovery in just the last week. Notcoin's price fluctuated between $0.009 and $0.017 during this time, suggesting a tentative recovery phase in the midst of wider market uncertainties.
Forecasting Upcoming Price Changes
Notcoin is facing important price benchmarks in the near future that may determine its course in the short term. If the present upward trend persists, Notcoin may be able to overcome the resistance level of $0.017. A breakthrough at this juncture might drive the price closer to $0.035, with additional upside potential reaching the psychological $0.050 barrier.
On the other hand, a change in market sentiment might cause Notcoin to stabilize around $0.016 or, in a bearish scenario, perhaps retreat to support levels close to $0.012 or even $0.01. Because of its inherent volatility, the cryptocurrency market emphasizes how crucial it is to keep an eye on key technical indicators and market dynamics in order to make well-informed decisions.
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