Analysis
Notcoin price prediction: After 16% surge, will NOT fall 20%?
The current expectation is that NOT will move toward the local lows before recovery becomes likely.
- Notcoin’s buying pressure was not enough to force a bullish breakout.
- The Open Interest surge signaled bullishness, but the market sentiment quickly reversed.
Notcoin [NOT] climbed to the $0.01288 level on the 14th of August, but could not clear the resistance zone that extended up to $0.013. This meant the bearish market structure of NOT on the 1-day chart remained.
noted that the token’s momentum was neutral, and the market was not trending strongly. The recent rejection meant the Notcoin price prediction was bearish.A momentum shift did not occur yet
Source: NOT/USDT on TradingView
The dotted orange lines at $0.0147 and $0.0127 marked the two recent lower highs NOT formed on the daily chart.
The recent price bounce to $0.01288 did not break the bearish structure, since the trading session did not close above $0.0127.
Additionally, the RSI was below neutral 50 and the OBV was unable to break the early August highs. This was a sign of muted momentum and a lack of buying pressure.
Unless the structure flips bullishly soon, it is expected that the local lows at $0.00852 will be retested. This might pave the way for a bullish recovery.
Renewed sell pressure turns Notcoin price prediction bearish
Source: Coinalyze
When NOT prices spiked on the 14th of August, the Open Interest rose from $84 million to $115 million. This surge showed bullish short-term conviction and speculators betting on continued gains.
Read Notcoin’s [NOT] Price Prediction 2024-25
The spot CVD also briefly climbed higher.
This did not last long, and a few hours later the OI and the spot CVD began to slump, showing seller dominance. The Funding Rate remained positive, but a move southward appeared likely.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
