- Notcoin will likely fall to the lows of its short-term trading range
- Not swing traders should look to purchase opportunities but wait for bullish sentiment in lower timeframes before entering.
The past few months have been good for Notcoin [NOT] bulls. A range-like formation also developed, despite the breakout beyond trendline resistance. Investors must be patient, as this can provide many trading opportunities.
Notcoin predicts that swing traders will be able to position themselves based on the price range in the next few days. Analysis of the data on the Futures Market suggests that there may not be much bullish confidence.
Price drop of 5.6% is possible
The chart shows a formation of ranges that Notcoin trades within. This is shown in purple. This range moved from $0.0145 to $0.00175 and the level of mid-range was $0.16. The level recently became a resistance.
At the time of publication, the RSI stood at 53. It was barely holding on to the neutral 50. In this case, momentum is neutral. However, it may see a downward swing if price goes below $0.156.
OBV is still in a downtrend despite breaking out of the trendline support (orange). This has continued throughout July. It is another indication that the buying pressure was weak, and there are chances of short-term loss.
Price prediction for Notcoin is negative due to lack of enthusiasm by buyers
The funding rate, while nominally positive in the past few days, did not indicate bullishness. The chart of liquidations showed that three days after the high range rejection, there were many long liquidations.
Click Here to Read Notcoin’s [NOT] Price Prediction 2024-25
Also, Open Interest was tepid following the breakout of the $0.014 barrier.
The strongest signal of a bearish trend was the persistent downtrend in the CVD spot. This indicator indicates that a decline below $0.014 is possible.
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Source: ambcrypto.com