- At press time, Notcoin was among the top gainers over the past 24 hours.
- Around 70% of addresses holding NOT are profitable.
Notcoin (NOT) has gained over 12% in the past 24 hours, continuing to strengthen its position as the leading coin on the TON blockchain.
At press time, NOT was trading at $0.008112, with trading volume increasing by over 83% according to CoinMarketCap.
This increase in volume resulted in a volume to market cap ratio of 15%, suggesting sufficient liquidity, making it a cryptocurrency to watch during the final quarter of the year.
Currently, Notcoin’s price action shows consolidation within a tight falling wedge pattern that has been forming since its early stages after launch.
The lower trendline, serving as support, was rejected four times. However, during the fourth downside phase, the price did not touch the lower trendline, indicating early buying interest, leading to a potential reversal.
Source: TradingView
If NOT manages to break above the upper trendline of this pattern and hold, the price could regain the $0.014270 level, representing a potential gain of 153% if market conditions improve.
This breakout could mark the start of a recovery, with traders anticipating further bullish momentum once the consolidation phase is over.
NO IO-weighted financing rates
An analysis of additional Notcoin metrics, such as the open interest (OI) weighted funding rate, indicated a change in sentiment.
The figure at press time stood at 0.0072%, signaling that long positions were now willing to pay off short positions, supporting a bullish outlook for NOT.
Source: Coinglass
This change in the funding rate adds further confluence to the possibility of Notcoin breaking out of the descending wedge pattern and aiming for a significant price increase.
As funding rates become favorable, bullish momentum could gain traction, pushing the price higher.
In/Out of the Money around the current price
Finally, examining inflows/outflows around the current price revealed that approximately 70% of addresses holding NOT were profitable, while only 30% were out of the money.
This ratio suggested that traders were likely to hold their positions, aiming for further profits as bullish sentiment took hold during the fourth quarter.
The key area to watch is between $0.007360 and $0.007582, where the majority of profitable addresses are concentrated.
With 248,000 addresses holding 3.76 billion PAS in this range, this could provide an ideal entry point for traders looking to capitalize on a breakout.
Source: In the block
Notcoin’s recent performance, combined with favorable market conditions and strong technical indicators, suggests that a break from the current consolidation pattern is possible.
Read Notcoin (NOT) Price Prediction 2024-2025
If this happens, the possibility of NOT reclaiming higher price levels, such as $0.014270, is within reach.
With increased liquidity and bullish sentiment strengthening, the next few weeks will be crucial for NOT’s future trajectory.
