Notcoin (NOT) has registered steep declines that are receding, with analysts predicting a breakout. Analyst Ali, a popular account among crypto people, recently highlighted a potential bullish reversal in Notcoin’s chart, with a falling wedge pattern spotted in the chart.
Notcoin’s current wedge is nearing completion, and price movement shows a potential future breakout. Ali tweeted that the falling wedge provides ‘an excellent risk to reward setup. ‘ Currently, the wedge looks like a zone of consolidation where buyers and sellers can gain equilibrium before a probable breakout.
If this breakout is realized, Ali predicts Notcoin could rally to $0.012, a previous resistance level. This massive gain from the current price makes it an attractive opportunity for short-term profit investors.
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#Notcoin $NOT is showing a promising risk-to-reward setup. With a falling wedge pattern forming, it could be primed for a bullish breakout toward $0.012! pic.twitter.com/WmMn6AWguv
— Ali (@ali_charts) November 5, 2024
A breakout to over $0.012 would mean a significant price gain, but it could also indicate that an asset has been revalued if that breakout is sustained. That price aligns with previous resistance zones, where the price has headed to sell pressure.
The second possibility is that if Notcoin can break this level with good volume, we might have new support and a base to move further upward.
Recent Price Movements and Market Sentiment
Ali’s analysis has met with positive market reactions, as most investors believe that Notcoin will undergo a remarkable turnaround in the near term. This renewed confidence is shown by the uptick in price volume over the past day.
With traders buying, the price will break out of the predicted breakout. Notcoin has also been a topic of discussion within the crypto community as it gets closer to the critical resistance levels that could start a new trend.
During the past 24 hours, Notcoin has risen by an incredible 9%, reaching a price of $0.006329. This follows a prolonged downtrend in which the coin couldn’t rally above $0.006329. Investors hope the tides may favor the bulls after a recent rally.
Trading volume for Notcoin has also spiked, in addition to price appreciation. According to market data, the 24-hour trading volume has increased by 59% to $134.95 million. The surge in trading activity is a growing interest in the potential breakout by investors slapping positions themselves.
These volume spikes often precede big moves in the price because they signal that the market sentiment has changed. If this upward trend continues, more buyers may be drawn in, possibly speeding the breakout from the wedge pattern.
Other technical indicators also agreed with the falling wedge to fuel Notcoin’s bullish case beyond the falling wedge. Notcoin has bounced back on the two-hour chart, recovering from recent lows as it approaches important resistance zones.
It is currently above 30, so the recent upward move has sufficient momentum, according to the Average Directional Index (ADX).
Additionally, the price clearly broke through the upper limit of a smaller descending channel on the two-hour chart, indicating the start of a trend. The minor channel breakout may be the more significant reversal, providing credibility to Ali’s projection of a rally to $0.012.
