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

Go to Source
Author: Godspower Owie

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