- Notcoin’s bullish descending wedge hints at a 60% rally if it breaches the crucial $0.0076 level.
- Whale control at 79% and low BTC correlation could amplify Notcoin’s potential upside breakout trajectory.
Notcoin (NOT) forms a falling wedge pattern, a bullish reversal structure often characterized by converging downtrend lines. According to Crypto analyst Ali, NOT could see a 60% price rise if it breaks above the $0.0076 resistance level.
The wedge has been forming since early July, suggesting that the prolonged downtrend may be coming to an end.
If a breakout occurs above the upper trendline, the next potential resistance targets are identified using Fibonacci retracement levels.
Key levels to watch include 0.236 at $0.0231667, 0.382 at $0.01619219, 0.5 at $0.01347901, 0.618 at $0.01122045, and 0.786 at $0.00864199.
The wedge height, measured at 0.00450413 or 60.68%, suggests a breakout target around the 0.618 Fibonacci level.
Source:
Current price and trading volume
At press time, Notcoin (NOT) was trading at $0.007009reflecting a decline of 1.68% over the past 24 hours and a decline of 9.57% over the past seven days. The 24-hour trading volume reached $128,079,916, indicating substantial market activity despite the recent downtrend.
The lowest point on the chart, noted at $0.00619681, acts as a potential support level if the price declines further. Additionally, the lower boundary of the wedge also serves as a support line, reinforcing the structure of the bullish reversal pattern.
Technical indicators point to low volatility
The Bollinger bands on the daily chart reveal low volatility, with the price currently hovering near the lower band. This positioning suggests a possible oversold condition, which could lead to a move towards the middle band.
Meanwhile, the Relative Strength Index (RSI), located at 41.58, indicates weak momentum but is not in a full oversold zone. If the RSI climbs above 50, it could signal a shift towards stronger bullish momentum, while a fall below 30 would indicate intensifying selling pressure.
Source: TradingView
The Aroon indicator shows a negligible uptrend and a moderate downtrend of 64.29%, reflecting the current bearish control.
For a potential trend change, the Aroon Up must increase, which would indicate a growing bullish presence in the market.
Large holders retain control and impact over Bitcoin
IntoTheBlock data noted that 71% of Notcoin holders are currently in loss, while only 17% are in profit at the current price.
This demonstrates that most investors are currently below their entry point, a factor that could influence trading behavior.
Additionally, 79% of the supply is held by large holders, meaning whales control a significant portion of the circulating supply.
This high concentration could contribute to increased price volatility, particularly during significant market movements.
Source: In the block
Notcoin’s correlation with Bitcoin is particularly low, measured at 0.02, indicating that it operates largely independently of BTC’s price movements.
Read Notcoin (NOT) Price Prediction 2024-2025
The holding composition reveals that 94% of holders have held the token for 1-12 months, indicating a medium-term commitment to the asset.
In contrast, only 6% of incumbents are new, suggesting limited recent adoption or interest.
