Notcoin Prediction: Is a Bullish Comeback on the Horizon?
Notcoin shows bearish pressure amidst fluctuating trends
NOT token debuted on OKX Exchange on May 16, 2024, peaking at $0.009900 before correcting sharply by approximately 54%.
It found support at the 50% Fibonacci retracement level, aligning with a key psychological level, suggesting a stabilization point.
A morning star candlestick pattern on May 24 indicated a potential reversal from the downtrend, signaling a shift to bullish sentiment.
Following the morning star pattern, NOT entered a bullish phase, reaching a new high of $0.029431 on June 2 due to renewed buying interest.
As buying pressure eased, NOT's price pulled back to the 50% Fibonacci level. It then began to trade sideways, forming a descending triangle pattern on the charts.
The descending triangle pattern was breached downward, confirming increased bearish pressure and potential further declines.
A Long Upper Shadow candle on the monthly chart suggested prevailing bearish sentiment for the month.
According to Coingabbar analysis, Currently, the price is nearing a critical support level at $0.011500. Holding this support could trigger a rally as short positions are covered, possibly targeting new highs.
Conversely, a failure to maintain $0.011500 support may lead to continued downside, potentially testing lower support levels.
KEY LEVELS :
RESISTANCE LEVEL : $0.020000-$0.030000
SUPPORT LEVEL : $0.007500-$0.001000
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
