Telegram Notcoin (Not) Drops 20%, But Bullish Reversal May Be Near

Notcoin (NOT) has seen a 20% drop over the last month, leaving most holders in the red. However, increased holding time and a rising Money Flow Index suggest a potential upward breakout.

Telegram native cryptocurrency, Notcoin (NOT), has seen a 20% price decrease over the last 30 days, putting 71% of its holders “out of the money,” as per the latest on-chain analysis. Currently trading well below its all-time high, Notcoin performance contrasts with other popular digital assets. Despite this downtrend, indicators suggest a possible rebound may be near.

Easing Selling Pressure

One of the main reasons behind NOT price decline was an increase in selling pressure, which, according to analysis from IntoTheBlock, has recently subsided. Specifically, the Coins Holding Time for Notcoin has increased by 30% in the past week. This metric reflects the time coins are held without being sold or transacted, and its rise signals a potential price uptrend as holders become more committed.

Another encouraging metric is the Money Flow Index (MFI), which combines price and volume data to track buying and selling momentum. The MFI for Notcoin is gradually increasing, indicating a return of buying interest. If this trend persists, the added purchasing pressure could further support a price recovery.

Notcoin Bullish Reversal Pattern

The daily chart for Notcoin reveals a falling wedge pattern, a bullish technical indicator. Falling wedges appear when prices decline within converging trendlines, signaling a possible breakout once the asset exits the pattern. If Notcoin’s price breaches the wedge’s resistance line with significant volume, it could confirm a reversal and initiate a new uptrend.

As of now, Notcoin is trading at $0.0068, with a key resistance level at $0.0077. Surpassing this resistance could prompt a 70% rally, lifting the price toward $0.012. However, if NOT faces rejection at the resistance, it could fall to $0.0062, potentially delaying any recovery.

This technical setup, along with positive momentum indicators, presents Notcoin holders with a cautiously optimistic outlook. As buying pressure builds, Notcoin may soon be poised for a comeback, potentially reversing some of the recent losses.

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Apoya a las editoras - Bitcoin_Man (ETH) / Bitcoin_Man (TON)

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