- NOT jumped 14.45% over the past week.
- One analyst sees a 12.50% upside after breaking out of a descending wedge pattern.
Over the past 2 weeks, Notcoin (NOT) has made considerable gains by breaking out of a descending wedge on a daily time frame. In fact, at the time of writing, NOT was trading at $0. 008772. This represents an increase of 5.22% over the past month.
Likewise, this uptrend extended across the weekly charts, with the coin rising by 14.45%.
Since hitting a low of $0.0069 on September 18, the altcoin saw a consecutive 9-day rise before falling again. Thus, the last 24 hours saw a drop of 2.09%.
Despite the decline on the daily charts, the market’s overall gains over the past week exceed the losses.
What Market Sentiment Says
The recent upsurge has left analysts talking while betting big on the altcoin’s future. To the extent that popular crypto analyst Ali Martinez suggested an upcoming 12.50% hike.
Source:
In his analysis, Martinez cited Notcoin’s breakout of a descending wedge trend on the hourly charts.
According to the analyst, a break of this level would result in an increase of 12.50%. This will push NOT prices up to $0.009868.
In context, a breakout of this trend suggests that selling pressure is weakening and buyers are entering the market to push prices higher. This therefore signals a change in momentum from bearish to bullish, which further increases the possibility of a price rise.
What the graphs NOT suggest
While the analysis provided by Martinez provides forward-looking outlook for Notcoin, it is essential to determine what other fundamentals indicate.
Source: Santiment
First, Notcoin’s funding rate aggregated by asset has remained positive over the past week. A positive funding rate aggregated by assets suggests that Notcoin experiences upward price movements more often than downwards.
Therefore, this indicates that buyers are steadily dominating the market, demonstrating investors’ confidence in the future value of the asset.
Source: Santiment
Additionally, NOT experienced higher demand for long positions than short positions. This is indicated by a positive and sustainable funding rate aggregated by foreign exchange.
This indicates that investors are confident in future value and anticipate further gains. This makes them pay a premium to fill these positions.
Source: In the block
Finally, the market shows greater stability, with whales having expanded their ownership than others. As such, large holders own 66.69% of the token supply, indicating complete dominance over retail traders and investors.
Read Notcoin (NOT) Price Prediction 2024-2025
A market dominated by whales is less prone to speculative selling, because whales and institutions are experienced and therefore do not follow news or emotions to make sales. With whales having higher demand for the altcoin, this shows that they have confidence in the altcoin and expect further gains.
Therefore, current market conditions could allow Notcoin to make further gains. With strong bullish momentum supported by positive market sentiment, NOT will reach $0.01229 in the near term.
