Notcoin (NOT) Develops Falling Wedge Triangle: Rally Looms?
June 10 2024 - 7:30AM
NEWSBTC
Notcoin (NOT), a relatively new entrant in the cryptocurrency
market, has recently formed a falling wedge pattern on its price
chart. This technical formation is characterized by converging
trendlines that slope downwards, signaling a potential bullish
reversal. Typically, a falling wedge pattern occurs after a
prolonged downtrend, indicating that the asset’s price is likely to
break out to the upside. The emergence of this pattern in Notcoin’s
chart is drawing attention from traders and investors who are keen
to understand its implications for future price movements. A
confirmed breakout from the falling wedge could signal the end of
Notcoin’s downtrend and the beginning of a new upward trajectory.
However, it is essential to consider other market factors and
indicators to gauge the strength and sustainability of such a
reversal. This market outlook aims to explore the potential
scenarios for Notcoin following the formation of the falling wedge
pattern, providing insights into what traders and investors might
expect in the near future. Analyzing Market Outlook For Notcoin On
The 4-Hour And 1-Day Chart As of right now, the price of Notcoin is
currently trading above the 100-day Simple Moving Average (SMA) on
the 4-hour chart and is moving within the triangle, suggesting that
the wedge might continue for a while before there is a potential
break out. Confirming the above claim, the RSI line in the 4-hour
RSI indicator has dropped below 50%, suggesting that sellers are
still active in the market and that the asset will remain active
within the triangle for a while. Meanwhile, in the 1-Day
timeframe, it can be observed that Notcoin’s price is
attempting a retest after a successful breakout above the upper
base of the wedge. This means that Notcoin might go bullish after
the retest. Also, the 1-Day RSI confirms this retest as the RSI
line is seen dropping down from the overbought session toward the
50% level. Price Implication In The Event Of A Breakout In the
event of a successful break above the wedge, Notcoin will begin to
move upward toward the $0.029405 resistance level. If it breaks
above this level, it will move higher to create a new high.
However, if Notcoin’s price decides to do the usual and break below
the wedge, it will start to descend in the direction of the
$0.011381 support level. The price may move much farther to test
the $0.007953 level and possibly other levels on the chart if it
breaks below this support level. NOT‘s price was down by -1.13% as
of the time of writing, trading at approximately $0.019, with a
market capitalization of over $1.9 billion and a 24-hour trading
volume of over $818 million. Featured image from Binance, chart
from Tradingview.com
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