Why is Notcoin (NOT) Price Up Today?

Notcoin’s (NOT) price has surged 26.24% over the past day, while the token’s trading volume increased massively by 300.96%, which indicates that people have been buying and selling NOT. At publication, NOT is trading at $0.00772.

This sharp rise in price and trading volume comes amid speculation that NOT may be on the brink of a breakout from its long-standing downtrend, with its movement closely tied to the performance of TON, a project within the same ecosystem.

Notcoin Chart Analysis: Downtrend Breakout Signals Potential Reversal

The NOT chart suggests that the token is attempting to break free from a prolonged downward trend, marked by a descending trendline that has capped its price. The breakout point highlighted on the chart indicates that NOT’s price has moved above this trendline, suggesting a possible reversal or shift towards bullish momentum.

However, traders have identified two key entry points below the breakout level as potential zones to accumulate, especially if a pullback occurs.

This breakout attempt follows a period during which NOT’s price remained significantly below its peak, now trading approximately 78% down from its all-time high (ATH). The last high, just before the breakout area, stands as an important resistance level. Clearing and sustaining above this level could confirm the start of an uptrend for NOT.

Support and Resistance Levels Provide Key Zones

In terms of technical indicators, a key support zone below the current price level has been established, marked by a purple region on the chart. This area has acted as a strong base in the past, providing support during previous price fluctuations.

The resistance levels, including the breakout point and last high, represent zones that NOT needs to clear to establish a sustained uptrend. These levels will be critical in determining the token’s ability to maintain its upward momentum.

Investor Strategy Amid Rising Market Activity

Top analyst Crypto with Khan commented on NOT’s recent movement, attributing its potential to a broader rally within the TON ecosystem. The analyst emphasized the importance of gradual entries, recommending that investors accumulate in parts to mitigate risks associated with short-term corrections.

Given that the market has been advancing with minimal correction, taking a phased entry approach helps protect against potential drops of 10% to 20%, which could disrupt unprepared investors.

As one of the early projects in the TON ecosystem, NOT’s price movement could be influenced by any rally in TON itself. The tweet suggests that NOT’s performance may improve further once TON initiates a stronger upward trend. This correlation between the two tokens highlights the interconnected nature of projects within the same ecosystem, where one token’s momentum can positively impact others.

Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.

We recommend eToro

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more

Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.