Notcoin (NOT) started its trade with a spectacular surge, skyrocketing over 600% in a single day. Investors anticipated a massive correction exceeding 60%, but the token defied expectations by initiating another 500% rise, securing a new all-time high (ATH) at $0.028. This impressive move attracted significant attention from market participants.
Bullish Hopes Revived, but Caution Advised
The latest rebound in Notcoin’s price has rekindled bullish hopes among investors. However, caution is necessary as the token shows the potential to form another lower high. Currently, Notcoin faces resistance around $0.0145 and $0.015. To trigger a fresh ascending trend, it must clear these upper resistance levels.
Solid Technical Foundation for Bullish Potential
Notcoin has established a robust base in the $0.013 to $0.014 range, suggesting a strong upswing could be imminent. Given this solid technical foundation, reaching the $0.02 mark seems achievable for Notcoin.
Tokenomics Upgrade Boosts Momentum
The recent upgrade in Notcoin’s tokenomics has significantly impacted its momentum. Community reports indicate the burning of nearly 210 million tokens, which contributed to the latest 15% price rise. This token burn has further strengthened the bullish sentiment.
Bullish Outlook Hinges on Bitcoin Stability
Notcoin’s price movement largely depends on Bitcoin’s (BTC) performance. If Bitcoin maintains stability, altcoins, including Notcoin, could experience bullish momentum. In this scenario, reaching a new ATH above $0.03 might become a realistic target for Notcoin.
Short-Term Caution, Long-Term Optimism
While the long-term outlook for Notcoin remains bullish, short-term caution is advised. There is a small possibility of a pullback in the next few hours. The price has attempted to break above the upper resistance of the channel, but the buyers’ lack of strength has led to rejections.
Positive MACD Crucial for Sustained Uptrend
Despite mounting buying pressure, the MACD indicator remains in the negative range. For a sustained uptrend, the MACD needs to enter the positive zone. Once this happens, bulls are likely to take over, reviving a fresh ascending trend. Until then, Notcoin’s price is expected to consolidate between the upper and middle bands of the channel.
Read Also: Notcoin Burns $3M Worth of Tokens: What It Means for Your Investments
In conclusion, Notcoin is gearing up to set the themes on fire and potentially reach the $0.02 mark. However, achieving a new ATH above $0.03 will depend on the overall stability of the cryptocurrency market, particularly Bitcoin’s performance.
