Markets
Can Notcoin (NOT) Price Turn Breakout Into Rally?
Notcoin (NOT) price is currently in a downtrend, but still showing bullish signals, suggesting that a recovery is likely.
This comes from the change in behavior of NOT holders, as well as shifting broader market signals.
Notcoin investors seem optimistic
Notcoin price is trying to secure a breakoutand this could be the likely outcome, considering the change in investor sentiment. A week ago, Notcoin’s open interest took a significant dip, decreasing by $70 million. Despite this decline, it is starting to show signs of recovery, currently sitting at $151 million.
This recovery in open interest suggests that market participants are regaining confidence in Notcoin. The rebound indicates that traders are interacting with the asset again after the initial decline.
Notcoin open interest. Source: Coinglass
Furthermore, the altcoin’s funding rate remains positive. A positive funding rate means that investors are still willing to pay a premium to hold long positions, even in the face of recent price declines. This usually happens when long contracts dominate the market.
The combination of open interest recovery and a positive financing rate proves this Investor sentiment towards Notcoin remains optimisticThis suggests that traders believe in the asset’s future growth potential despite recent setbacks.
To know more: What is Notcoin (NOT)? A guide to the Telegram-based GameFi token
NOT Price Prediction: Look for a Bounce
Notcoin price, at $0.014, is testing the downtrend line as a support level, and bouncing off it would start the recovery. It would NOT be necessary to first break above the barrier at $0.017 and turn it into a support level.
This would confirm the bullish outcome, which is crucial to send the Telegram token above $0.020.
To know more: How to buy Notcoin (NOT) and everything you need to know
If the downtrend line is not protected as a support level and does not fall through it, the next one is a drawdown to $0.013. Losing this support would invalidate the bullish thesis and extend the decline to $0.012.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto strives to provide accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our Terms and conditions, Privacy PolicyAND Disclaimer They have been updated.