Based on the 4-hour Notcoin (NOT) chart, the telegram-based tap game has exhibited a volatile trading pattern over the past 24 hours. While there have been periods of upward momentum, the overall trend suggests a sideways movement with the potential for a bearish breakout.
Notcoin’s Price Action
The current NOT price is hovering around the 0.014 price range, slightly below the 20 EMA (0.01431) and below the 50, 100, and 200 EMA, indicating a bearish undertone. The price has formed a descending triangle pattern, suggesting the potential for a downward breakout. However, the price could test the support level at 0.01262, temporarily resisting further declines. Despite a 4.76% decline in the last 24 hours, Notcoin has produced a 12.58% surge in trading volume as investors secure their spots.
Technical Indicators
Looking at the multiple EMAs (20, 50, 100, 200), it is relevant to note that they are in a bearish alignment, suggesting a downward trend. However, the price is currently testing the 20 EMA, potentially leading to a bullish reversal if it breaks above. The immediate support level is at 0.01262, while the resistance is at 0.01515 (20 EMA). A break below the support could accelerate the downward movement, while a break above the resistance could signal a potential bullish reversal.
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Given the current market conditions, a cautious approach is recommended. Traders could consider the following strategies:
Important Update For Long/Short-Term Traders
Short-Term Traders: If the price breaks below the support level of 0.01431, short-term traders could look for short-selling opportunities, with a stop-loss placed above the recent high. However, due to the high volatility, it’s essential to exercise caution.
.Long-Term Traders: Long-term traders might consider accumulating NOT if the price drops significantly below the support level, as this could present a buying opportunity. However, it is crucial to monitor the overall market trend and prepare for potential losses is important.
Conclusion
Notcoin is currently in a state of consolidation, with the potential for bullish and bearish movements. Traders should closely monitor the price action and technical indicators for any signs of a breakout. Risk management is crucial, and it’s advisable to use stop-loss orders to protect investments.
