Analysts Predict Notcoin (NOT) Price Breakout as Prices Recover

Ali Martinez, an analyst, has made a bullish signal for Notcoin. His analysis explains how the token’s price activity has aligned with the falling wedge pattern. It is often associated with a trend reversal.

NOT Price Making an Interesting

According to Martinez, if Notcoin finds itself breaking above the wedge’s upper resistance line, it could take off by as much as $0.012. This projection amounts to more than a 76% gain.

A falling wedge is considered a bullish pattern quite well if it occurs during a downtrend. Decreasing downward momentum and potential buyers amassing positions usually imply that the structure indicates that the price will reverse.

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As is the case with Notcoin, the chart shows that the price of Notcoin has been consolidating within this falling wedge for some time now, from as early as August.

A structure of a narrowing tunnel pattern has emerged. Each price dip hitting a slightly higher floor and each bounce failing to reach the earlier highs.

According to Martinez’s analysis, Notcoin appears to be at the top of a wedge. It is currently testing the breakout level of this wedge with the idea that a possible breakout will send Notcoin soaring.

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The formation of a breakout could take Notcoin past its previous target at $0.012. It is the amount of upside potential there is to gain. To determine this target, we apply the breakout level to the pattern’s height at its widest point.

The move could attract fresh interest from traders if Martinez’s forecast comes true. It could lead to higher trading volumes and more likely tip the market in Notcoin’s favour.

Notcoin on a Recovery Run

Notcoin’s current market performance has been promising. According to the latest data, the token price has been pumping over 8%. In the last 24 hours at press time it reached $0.007595.

Further insight into Notcoin’s near-term outlook comes from the technical indicators on Notcoin’s chart. One critical indicator of material interest to the trader is the 50-day Simple Moving Average (SMA).

Around this 50-day SMA, which is $0.007565, Notcoin is currently trading. Usually, the 50-day SMA is a resistance level in downturns, for prices to struggle to get above it. A sustained upward move will become probable only when Notcoin can breach this level. It suggests increasing buying momentum and making the case.

Furthermore, Money Flow Index (MFI) are depicted interestingly. Notcoins MFI is currently at 76.81 and marching towards the overbought territory. This is a reading of a higher buying pressure investors buying up positions hoping for the breakout.

An MFI near 80, however, is also a possible indicator of a pullback if buy sentiment fades. Traders, on the other hand, will be waiting for a correction to get into new positions if the MFI continues to rise, and if it crosses 80, this could be an overbought condition.

Notcoin will only break out when it takes hold above key resistance levels. The falling wedge’s upper boundary (first resistance) is around the $0.008 mark. But this level has been a struggle, with breakdowns above it often being rejected, leading to price declines.

If Notcoin can beat this resistance, the next key area is the 200-day SMA at $0.008385. If broken, this level would likely explode towards the $0.012 target.