- Notcoin fell by over 7% in the last 24 hours alone
- Bullish pattern emerged on NOT’s chart, hinting at a price hike
Notcoin [NOT] was a much-hyped subject in the market, even before its launch. However, its launch itself was fairly underwhelming, as its price dropped significantly on the charts soon after. And yet, the trend might change soon as a bullish pattern appeared on the newly launched token’s price chart.
Notcoin’s possible comeback
Notcoin created much buzz even before it launched. However, investors’ expectations were not met as the token’s price fell. However, the token soon gained bullish momentum as its value surged by more than 40% in just 7 days.
This trend soon changed as over the last 24 hours, the altcoin depreciated by over 7%. At the time of writing, NOT was trading at $0.0203 with a market capitalization of over $2 billion. The price decline had a negative impact on the token’s social metrics too.
For instance, the altcoin’s social volume declined, reflecting a dip in popularity. Additionally, its weighted sentiment remained in the negative zone – A sign that bearish sentiments retained dominance in Notcoin’s market.
Source: Santiment
Nonetheless, this just might be a small setback for the altcoin, as a bullish pattern appeared on NOT’s price chart. Captain Faibik, a popular crypto analyst, recently posted a tweet highlighting the fact that NOT seemed to be on the verge of breaking out of a bullish pattern.
NOT has been consolidating inside a bullish pattern for the last few days, and a successful breakout could result in a 67% hike. The price pump might allow the token to retest its all-time high soon too.
Is a trend reversal possible?
Since a bullish pattern hinted at a trend reversal, AMBCrypto checked Notcoin’s 12-hour chart to see whether it could break above the pattern in the coming days. As per our analysis, the technical indicator MACD displayed a clear bearish crossover, hinting at a sustained price decline.
Nonetheless, the Relative Strength Index (RSI) registered an uptick. The Chaikin Money Flow (CMF) also followed a similar trend – Indicating that NOT might successfully break above the bullish pattern.
Source: TradingView
In the meantime, Toncoin [TON], the blockchain on which NOT is minted, gained bullish momentum too. TON’s price surged by over 17% in the last seven days. At the time of writing, the token was trading at $7.40 with a market capitalization of over $417.9 billion, making it the 9th largest crypto.
Read Notcoin’s [NOT] Price Prediction 2024-25
However, it is interesting to note that TON’s exchange outflows dropped last week after spiking on 3 June. This meant a decline in buying pressure, which might cause trouble.
Source: Santiment
