donor
Published:
- NOT jumped 24.55% over the past week.
- Notcoin is breaking out of a descending wedge, indicating a potential upside of 76%.
Over the past month, Notcoin (NOT) has seen a sharp rise. After hitting a local high of $0.0092, the altcoin saw a sharp decline to reach a local low of $0.0055.
However, since then, NOT has seen almost a week of strong upward movement.
In fact, at the time of writing, Notcoin was trading at $0.007473. This represents an increase of 13.98% over the past day. Likewise, the altcoin gained 24.55% and 2.0% on the weekly and monthly charts, respectively.
Source: Coinglass
Amid this price surge, trading activities skyrocketed with trading volume increasing by 297.52% to $522.11 million.
Current price action and market conditions have left analysts talking. One of them is popular Crypto analyst Ali Martinez, who suggested a potential price rise of 76%.
Market Sentiment
In his analysis, Martinez argued that NOT had broken out of the falling wedge. With this breakout, the altcoin could see its price increase by 76% to $0.012 for the first time since August.
Source:
In context, a breakout of the falling wedge pattern, which is a bullish reversal pattern, usually signals a change in trend from bearish to bullish.
The move indicates that buying pressure has exceeded selling pressure, paving the way for further price increases.
The analysis was further validated by the increase in trading volume, as we observed previously, as it indicates stronger buyer interest and strong upward momentum.
Source: TradingView
This upward momentum is further demonstrated by the fact that Notcoin’s anticipated decline rate (ADR) has remained above 1 for the past six days.
So, buyers were in control and market sentiment was generally optimistic.
Source: In the block
Additionally, Notcoin’s number of large transactions jumped 833.3% over the past week. This shows that large-scale operators and whale activities are very high, especially in terms of accumulation.
Thus, the current rally is partly driven by large holders who are actively accumulating.
Source: In the block
Finally, Notcoin’s daily active addresses jumped over the past week, from a low of 12.84k to 28.97k.
This implies that the rally is not only driven by large holders, but also by strong fundamentals, and is not coming from mere speculative investments.
Read Notcoin (NOT) Price Prediction 2024-2025
What’s next for NO?
As observed above, Notcoin is experiencing strong bullish momentum. Following a breakout of the descending wedge trend and positive market sentiment, these conditions could allow the altcoin to make further gains.
So, if these conditions are maintained, NOT will reach $0.0092 in the short term.
