Telegram Coin Notcoin (NOT) Reclaims Uptrend With 14% Rise
07/16/2024 17:35
Notcoin's price is recovering from recent lows, but the Telegram Coin will need investor support to sustain this momentum.
Telegram Coin Notcoin’s (NOT) price is recovering from the recent drawdown, which helped it breach the downtrend line.
With investors’ support, the altcoin could see further gains provided it breaches past a crucial resistance.
Notcoin Investors Push for Gains
NOT investors have been eagerly anticipating a rise in Notcoin’s price, which is now becoming evident in their behavior. The first clue substantiating this comes from the funding rate. The consistent positive figures suggest a strong bullish sentiment among traders.
Additionally, the steady inclination of the funding rate from a negative dip reflects growing confidence in the market. This upward trend is a clear indicator of investors’ optimism and their belief in Notcoin’s potential.
Furthermore, the Relative Strength Index (RSI) is currently above the neutral line. The RSI measures price momentum from 0 to 100, with values above 50 indicating buying pressure and below 50 indicating selling pressure.
This is a significant technical indicator, highlighting a surge in buying pressure.
Read More: What is Notcoin (NOT)? A Guide to the Telegram-Based GameFi Token
The elevated RSI suggests that more investors are purchasing Notcoin, further supporting the ongoing price rise. The combined positive funding rate and RSI indicate bullish momentum.
NOT Price Prediction: Aiming for Old Highs Again
Notcoin’s price, trading under the resistance of $0.01794, has risen 14% in the last 24 hours. This barrier has been tested multiple times, and the Telegram Coin has failed to breach it every time in the past month.
The bullishness noted by the investors is a positive sign and could help NOT breach past the resistance level. This would enable a rise to $0.02000, extending the investors’ potential gains.
Read More: How To Buy Notcoin (NOT) and Everything You Need To Know
But if the breach fails again, Notcoin’s price could be consolidated between $0.01794 and $0.01300. Losing the latter would invalidate the bullish thesis, resulting in a loss of the Telegram Coin’s recent gains.
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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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