In the past 24 hours, Notcoin (NOT) has shown signs of recovery amidst a broader cryptocurrency market that has experienced mixed fortunes. While Bitcoin has recently seen a decline, it has managed to join other surging altcoins, reflecting a dynamic market landscape. Notcoin, despite a recent downtrend, exhibits bullish signals in the short term, as highlighted by various technical indicators.
Downtrend with Potential Breakout
As of the time of writing, Notcoin is trading at $0.01598. The altcoin has witnessed a 3.48% increase in the last 24 hours, indicating a potential shift in market sentiment. With a 24-hour trading volume of $620,290,033, Notcoin ranks #54 on CoinMarketCap, boasting a market capitalization of $1,573,599,913. This increase comes despite a significant price decline of 11.20% over the past seven days, underperforming the global cryptocurrency market, which is down -1.30%.
Technical Analysis: Support and Resistance Levels
The altcoin remains precarious, hovering above a critical support level at $0.015. This support can provide a foundation for further upward momentum if it holds. The recent price action suggests that while Notcoin attempted to break out of its downtrend, the movement has not significantly altered the prevailing sentiment among NOT holders.
Related article: Notcoin 24-Hour Price Analysis: NOT Finally Succumbs to the Market Pressure, Showing a 4.74% Decrease in 24 Hours; How Long Will This Last?
MACD and Bullish Signals
The Moving Average Convergence Divergence (MACD) for Notcoin indicates a bullish crossover in the short-term timeframe. This technical signal typically suggests potential upward momentum as the MACD line crosses above the signal line. Such a crossover hints at increased buying pressure and a positive shift in market sentiment for Notcoin, reinforcing the likelihood of further price appreciation if current trends continue.
Despite recent setbacks, the market sentiment for Notcoin is showing signs of improvement. The bullish crossover on the MACD suggests that traders might be gearing up for a potential rally. However, the sentiment remains cautious as the market watches to see if the critical support level at $0.015 can hold.
Comparative Performance
Comparing Notcoin’s performance with the broader cryptocurrency market highlights its relative underperformance. Over the last seven days, Notcoin’s price decline of 11.20% starkly contrasts with the global market’s modest drop of 1.30%. This disparity underscores Notcoin’s challenges and highlights the potential for a stronger rebound should market conditions improve.
