Potential Recovery on the Horizon: Notcoin Eyes Breakout From 2-Month-Old Downtrend

2 months ago 23

The price of Notcoin (NOT) may not showcase a bullish momentum that could trigger a rally. However, it is showing sufficient strength to potentially break through the downtrend.

This could reinvigorate the altcoin with enough strength to breach the three-week-old barrier.

Notcoin Investors Change the Tone

Notcoin’s price has been failing to note a recovery largely because the altcoin has witnessed no considerable bullishness yet. The Moving Average Convergence Divergence (MACD) indicator substantiates the same.

The indicator has been displaying green bars on the histogram, which is a sign of optimism towards recovery. However, the lack of price growth has subdued this hope, although there is just enough momentum to break out of the downtrend potentially.

The reason NOT’s rise was subdued is the broader market cues and the recent surge in short-term investors. Towards the beginning of last week, short-term holders’ dominance rose from 24% to 38%.

This is a bad sign as these investors tend to hold for less than a month, making them susceptible to selling. Their domination above 25% is a bearish signal.

However, on the flip side, it has now dropped to 23%. This change could positively impact the price of the altcoin.

NOT Price Prediction: Rise Ahead

By the looks of it, Notcoin’s price could now initiate a recovery rally, as this downtrend has subdued the altcoin’s rise in the past. A confirmation sign of the initiation of recovery would come once the NOT token manages to flip $0.013 into support.

This line has been tested for support and resistance multiple times, making it a critical level. Breaching it would enable a further rise in Notcoin’s price, potentially sending it to $0.015.

But if the breach fails, the crypto asset could continue consolidating between $0.013 and $0.009. Prolonged sideways movement could invalidate the bullish thesis, extending investors’ wait for profits.

The post Potential Recovery on the Horizon: Notcoin Eyes Breakout From 2-Month-Old Downtrend appeared first on BeInCrypto.

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