- At the time of writing, Notcoin was up more than 9% in the past 24 hours.
- NOT breaking out of the one-month range as the long percentage for top traders rises.
Non-coin [NOT] launched on the TON blockchain, finally bringing optimism back to the ecosystem after a period of struggle following uncertainty surrounding Pavel Durov.
Despite TON’s challenges, Notcoin is now showing signs of revival. At the time of writing, Notcoin ranks third behind SEI and SUI in 24-hour gains, growing over 9% among the top 100 cryptocurrencies on CoinMarketCap.
Trading volume has increased by 67%, raising hopes that this positive momentum could continue, potentially sparking a resurgence in the TON blockchain, led by the rise of Notcoin.
Source: CoinMarketCap
Notcoin breaks out of falling wedge
Analysis of the price action of the NOT/USDT pair shows clear signs of bullish momentum. On the 4-hour time frame, Notcoin recently broke out of a bearish wedge pattern, where it consolidated throughout the month of August.
This breakout put Notcoin among the top gainers. The current price action has now broken out of the triangle pattern and is struggling to stay above the 200 exponential moving average (EMA).
If the price remains above this crucial level, it indicates stronger potential for higher profits. Analysts suggest that Notcoin could realize an ROI of more than 25% by the end of the week as the chart indicates an urgent need for the price to remain above the breaker level.
Source: TradingView
Additionally, a breakout from the consolidation phase earlier this month led to a 30% gain for short traders, so a similar upside breakout is highly likely.
The MACD (Moving Average Convergence Divergence) indicator also supports this bullish outlook as the histogram shows strong momentum and the MACD line has broken above the signal line, indicating a continued uptrend.
If the NOT/USDT pair fails to hold above the breaker level or the 200 EMA, traders are advised to be cautious while taking long positions.
What does the divergence of NOT mean?
Further analysis of the long percentage for top trader accounts, combined with the bid-ask ratio, shows that these metrics move in opposite directions, generally indicating divergence.
In most cases, these indicators should rise or fall together, so this difference raises questions. Divergence is critical because it can indicate a trend reversal or signal that the current trend will continue.
Source: Hyblock
Read Notcoin’s [NOT] Price forecast 2024–2025
Notcoin’s social sentiment is increasing
Finally, Notcoin has slowly regained positive social sentiment. Statistics show an increase in mentions, posts and likes on social platforms, which is crucial for smaller coins like NOT, which rely on strong community support to drive price momentum.
Source: IntoTheBlock
As social activity increases, the chances of a continuation of Notcoin’s rally increase. This rise in positive sentiment, combined with strong technical indicators, suggests that Notcoin has a better chance of maintaining its upward momentum in the coming days.
Credit : ambcrypto.com
