At press time, Notcoin is on the verge of a breakout.
Despite the bullish signal from NOT, traders should still proceed with caution.
Notcoin [NOT] has seen impressive gains over the past 24 hours, surging by over 9% at press time, according to data from CoinMarketCap.
Notcoin has a market cap of $914M and a trading volume of approximately $220M, an increase of 86% over the same period.
After months of downtrend, Notcoin, which has been falling since early June, is showing signs of a breakout. The coin has been following a descending trendline, producing lower lows with each touch.
However, the recent touchdown in late September formed a double bottom pattern, signaling the possibility of a breakout.
At press time, Notcoin has already broken above this critical resistance level and the current candle appears to be closing outside the descending zone, setting the stage for a significant up move.
A confirmed close above this resistance followed by a successful retest could push Notcoin back towards its previous all-time high (ATH), with the potential for gains of over 322%.
If the breakout continues, Notcoin could set a new ATH, marking a major milestone for the coin, one of the pioneering projects launched on the TON blockchain.
NOT long accounts and volume percentage
Despite these optimistic signals, some indicators suggest caution.
Analyzing the 1-day lookback period with a 5-minute time frame shows that while the buying volume initially surged to its highest level, it has since started to decline and is now below the 50% threshold.
This decline suggests some profit-taking, but importantly, buying volume remains higher than selling volume, suggesting that while momentum may have slowed, sellers have not yet outpaced buyers.
This is a positive indicator for Notcoin’s price trajectory.
At press time, the funding rate, which reflects the cost of holding a long position versus a short position, was flat, meaning that longs were paying shorts in a balanced ratio, likely due to rising prices.
However, the percentage of global long positions is at 59% and continues to rise, suggesting that buyers remain confident in Notcoin’s potential for further gains.
With most technical indicators favoring a bullish outlook, if Notcoin manages to break out of the downtrend, it will most likely make new highs.
As the token gains traction, a new ATH could be imminent, which would solidify its position as a key player in the TON blockchain ecosystem.
Investors will be watching closely to see if Notcoin can maintain this upward momentum and have the potential to realize significant gains in the days ahead.
It should be emphasized that this article is for reference only and does not constitute investment advice.
