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Notcoin’s Price is Eyeing a Breakout from a Two-Month Downtrend
Aug. 21, 2024. 1 min. read.
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Notcoin is showing signs of recovery, potentially breaking a two-month downtrend. A flip of $0.013 into support could trigger a rally, but failure may lead to prolonged sideways movement.
Notcoin (NOT) is showing signs of potential recovery as it begins to break above a downtrend line that has constrained its price since June. While the altcoin hasn’t exhibited a strong bullish momentum yet, there are indicators that it could soon challenge and possibly overcome this downward trend.
Recent data reveals that Notcoin’s price has struggled to gain traction due to a lack of significant bullish activity. The Moving Average Convergence Divergence (MACD) indicator, a tool often used to identify changes in momentum, has been showing green bars on the histogram, which typically signals optimism. However, this positive outlook has been tempered by a sluggish price movement, suggesting that the momentum needed to break the downtrend is still gathering strength.
One of the factors contributing to the previous price suppression was the influx of short-term investors. At the start of last week, the dominance of these investors—who generally hold assets for less than a month—rose sharply from 24% to 38%. This was a bearish signal, as these holders are more prone to selling, which can dampen price growth. Fortunately, this dominance has since decreased to 23%, potentially paving the way for a more stable price increase.
Looking ahead, Notcoin could be on the verge of initiating a recovery rally. A key indicator of this potential uptrend would be the ability of the NOT token to flip the $0.013 level from resistance into support. This price point has been tested multiple times, making it a critical level for future price movements. Successfully breaching it could propel Notcoin’s price toward $0.015. However, failure to break through could result in continued sideways movement, prolonging the wait for a significant price rally and challenging investors’ patience.
Source: Potential Recovery on the Horizon: Notcoin Eyes Breakout From 2-Month-Old Downtrend
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