Notcoin (NOT) Price Soars Past $0.02: What’s Behind the Bullish Breakout and What’s Next?

The $0.017 Hurdle: Can Notcoin Break Through Its Critical Resistance?

Notcoin (NOT) has risen above the bearish pattern, soaring by over 20% in just a few moments. Despite a 33% drop in trading volume, the price has surged past the $0.02 mark, suggesting the bearish volume has faded and leading to a rally towards previous highs.

Regaining Momentum After Hitting Lows

Notcoin price had been trading within a strong descending trend, printing consecutive bearish candles. However, after hitting interim lows around $0.0155, the bulls quickly regained momentum, raising the levels back above $0.02. The buying pressure has increased significantly, and a rise above the interim highs could be imminent.

NOT Price Analysis. Source| TradingView.

Short-Term Consolidation Anticipated

In the short term, the NOT price was trading within a falling wedge. After hitting the bottom, the price broke through the upper resistance of the wedge. The lower volume suggests this could be a fake breakout, potentially trapping the bulls at the local highs. Although the RSI has hit the upper threshold, it has not entered the overbought zone, hinting at a small pullback.

Bullish Signals from MACD

On the other hand, the MACD remains within the bullish range, as the buying pressure continues to mount. Therefore, the Notcoin price is expected to consolidate between $0.0215 and $0.022 for a while, before the next price action.

Potential Upswing in the Second Half of 2024

However, market sentiments are expected to flip as the trade heads towards the end of the first half of the year. Consequently, a significant upswing may begin in the first few days of the second half of 2024.

In conclusion, the Notcoin (NOT) price has experienced a bullish breakout, surpassing the $0.02 mark. While a short-term consolidation is anticipated, the overall outlook remains positive, with the potential for a significant upswing in the second half of 2024.

Read Also: Notcoin Price Skyrockets 14%: Should You Invest Before the Next Bull Run?

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

Share this :

Facebook
Twitter
LinkedIn
Telegram
WhatsApp