Telegram Coin Notcoin (NOT) Rises 70% in Three Days, Shattering Bearish Cues
07/09/2024 05:30
Notcoin's price rise, surging nearly 70% in just three days has helped in reversing previous bearish signals.
Telegram Coin Notcoin’s (NOT) price led the few altcoins that have noted recovery in the last few days.
Not only did the crypto asset shatter the bearish expectations of investors, but it even flipped their opinion into positive.
Notcoin Sees a Change
Notcoin’s price rallied sharply over the last couple of days, bringing the altcoin to $0.0171. This resulted in buying pressure, which noted a solid rise. Notcoin’s Relative Strength Index (RSI) is currently above the neutral line.
This indicates an increase in buying pressure as more investors are showing interest in purchasing the coin.
An elevated RSI generally signifies that more investors are purchasing Notcoin. If the trend continues, this uptick in buying activity could lead to further price appreciation.
In addition to the positive RSI, Notcoin’s funding rate has also turned positive. This shift is significant, especially following a period of intensely negative funding rates, which had previously signaled bearish sentiment.
The positive funding rate suggests that investors are now more optimistic about Notcoin’s future. This change in sentiment indicates that many are betting on potential gains, which could further bolster the coin’s price.
Read More: What is Notcoin (NOT)? A Guide to the Telegram-Based GameFi Token
NOT Price Prediction: Recovering Losses
Notcoin’s price has risen by 68% over the last three days, having already recovered the 35% losses noted towards the end of June. The target for the altcoin now lies at $0.0211, which would warrant a breach of the resistance at $0.0179.
Read More: How To Buy Notcoin (NOT) and Everything You Need To Know
However, if this breach fails and investors move to book profits, a drawdown to $0.0130 is very likely. Losing this support would invalidate the bullish thesis altogether, sending NOT below $0.0100.
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Aaryamann Shrivastava is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including Telegram Apps, liquid staking, Layer 1s, meme coins, artificial intelligence (AI), metaverse, internet of things (IoT), Ethereum ecosystem, and Bitcoin. Previously, he conducted market analysis and technical assessments of various altcoins at FXStreet and AMBCrypto, covering all aspects of the crypto industry, including...
Aaryamann Shrivastava is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including Telegram Apps, liquid staking, Layer 1s, meme coins, artificial intelligence (AI), metaverse, internet of things (IoT), Ethereum ecosystem, and Bitcoin. Previously, he conducted market analysis and technical assessments of various altcoins at FXStreet and AMBCrypto, covering all aspects of the crypto industry, including...
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