- At press time, Notcoin had jumped more than 9% in the past 24 hours.
- NO breakout of 1-month range as long percentage of top traders increases.
Notcoin (NOT), launched on the TON blockchain, is finally bringing optimism back to the ecosystem after a period of difficulties following the uncertainty surrounding Pavel Durov.
Despite TON’s struggles, Notcoin is now showing signs of resurgence. At press time, Notcoin ranks third behind SEI and SUI in terms of 24-hour gains, with growth of over 9% among the top 100 cryptocurrencies on CoinMarketCap.
Its trading volume jumped 67%, raising hopes that this positive momentum could continue, potentially leading to a renaissance of the TON blockchain, led by the rise of Notcoin.
Source: CoinMarketCap
Notcoin breaks out of descending wedge
Analysis of the NOT/USDT price action shows clear signs of bullish momentum. On a 4-hour timeframe, Notcoin recently broke out of a descending wedge pattern, where it had been consolidating throughout August.
This breakout positioned Notcoin among the top gainers. The current price action has now broken out of the triangle pattern and is struggling to stay above the 200 exponential moving average (EMA).
If the price stays above this crucial level, it signals a stronger potential for higher gains. Analysts suggest that Notcoin could see a return on investment of over 25% by the end of the week as the chart signals an urgent need for the price to stay above the breakout level.
Source: TradingView
Additionally, earlier in the month, a breakout from a consolidation phase led to 30% gains for short traders, so a similar breakout higher is very likely.
The Moving Average Convergence Divergence (MACD) indicator also supports this bullish outlook, as the histogram shows strong momentum and the MACD line has crossed above the signal line, indicating a continued uptrend.
If the NOT/USDT pair fails to stay above the breakout level or the 200 EMA, traders are advised to be cautious when taking long positions.
What does NOT divergence mean?
A closer look at the percentage of long positions for top traders’ accounts, combined with the bid-ask ratio, reveals that these metrics are moving in opposite directions, typically signaling divergence.
In most cases, these indicators are expected to either rise or fall simultaneously, which raises questions. Divergence is crucial because it can indicate either a trend reversal or a sign that the current trend will continue.
Source: Hyblock
Read Notcoin (NOT) Price Prediction 2024-2025
Notcoin Social Sentiment is on the Rise
Finally, Notcoin has gradually regained positive social sentiment. Indicators show an increase in mentions, posts, and likes on social platforms, which is crucial for small cryptocurrencies like NOT that rely on strong community support to drive price momentum.
Source: IntoTheBlock
As social activity increases, the chances of Notcoin’s rally continuing are increasing. This surge in positive sentiment, combined with strong technical indicators, suggests that Notcoin has a higher probability of maintaining its bullish momentum in the days ahead.
