Notcoin Rises 13% as Technical Indicators Show Potential Breakout

TLDR

• Notcoin (NOT) has risen 12.89% to $0.008007 in 24 hours
• Technical analysis shows a falling wedge pattern suggesting potential breakout
• Target price levels identified at $0.01222 and $0.030 (251% potential upside)
• Mixed on-chain signals: decreased network growth but increased large transactions
• High short interest ($352.91K) vs longs ($268.52K) suggests possible short squeeze potential

Notcoin (NOT) has experienced a notable price increase of 12.89% in the past 24 hours, reaching $0.008007 as traders identify multiple technical indicators pointing to a potential breakout.

The cryptocurrency’s price movement has caught the attention of market participants due to its forming falling wedge pattern, typically associated with bullish reversals.

Market data shows that NOT’s immediate resistance level stands at $0.01222, with technical analysts identifying a longer-term target of $0.030. If achieved, this move would represent a 251% increase from current price levels, marking a substantial recovery for the digital asset.

The token’s technical indicators currently display strength across multiple metrics. The Relative Strength Index (RSI) reads 63.27, indicating strong momentum while maintaining distance from overbought conditions that typically appear above 70. This suggests room for additional upward movement before any technical resistance might emerge.

Trading volumes have shown increased activity on major exchanges, with Binance reporting $149.61K in long liquidations. This activity level demonstrates active trader participation and market interest in NOT’s price action.

The Moving Average Convergence Divergence (MACD) has recorded a bullish crossover, with the MACD line moving above the signal line.

Traders often view this technical formation as a confirmation of positive price momentum and a potential trigger for new buying activity.

On-chain metrics present a mixed picture of NOT’s current market position. Network growth has seen a slight decline of 0.56%, suggesting a temporary slowdown in new user adoption. However, this metric stands in contrast to other positive indicators within the ecosystem.

Notcoin Price on CoinGecko

Large transaction volumes have increased by 8.56%, indicating heightened activity from institutional traders or wealthy investors, often referred to as “whales” in cryptocurrency markets. This uptick in high-value transfers often precedes major price movements.

The “In the Money” metric has improved by 1.83%, showing an increasing number of NOT holders sitting in profit. This positive sentiment indicator suggests current holders may be less likely to sell, potentially reducing immediate selling pressure on the token.

Concentration metrics show a minimal decrease of 0.11%, indicating relatively stable holder distribution across different wallet sizes. This stability in holder distribution can be viewed as a neutral factor in the token’s current market structure.

Short interest data reveals an interesting market dynamic, with $352.91K in short positions compared to $268.52K in long positions. This imbalance creates conditions that could trigger a short squeeze if prices begin to rise, potentially accelerating any upward movement.

Binance emerges as a key trading venue for NOT, leading in liquidation volumes and trading activity. The exchange’s prominence in NOT trading suggests its price action could be particularly influenced by activity on this platform.

The falling wedge pattern visible on NOT’s price chart has drawn particular attention from technical traders. This pattern, formed by converging trendlines with a downward slope, often precedes upward breakouts in price action.

For a successful breakout to occur, NOT needs to clear the $0.01222 resistance level with conviction. Trading volumes would need to support such a move, providing validation for any upward price action.

Current market data indicates maintaining positions above the $0.008 level could be crucial for building momentum toward higher price targets. This price point may serve as an important psychological level for traders.

The combination of high short interest and positive technical indicators creates an interesting market setup for NOT. Any upward price movement could force short sellers to cover their positions, potentially creating additional buying pressure.

The post Notcoin Rises 13% as Technical Indicators Show Potential Breakout appeared first on Blockonomi.