2024-6-20 17:30 |
Notcoin (NOT) continues to face bearish trends despite broader market optimism. While the coin’s price action has been bearish, analyst Zen suggests a potential rebound could be on the horizon.
Despite the current technical indicators pointing towards continued weakness, Zen highlights positive sentiment in the broader market, fueled by a recovery in traditional assets like gold and the stock market, as a potential catalyst for an upward price movement in Notcoin.
Notcoin (NOT) Price AnalysisWhile Notcoin’s price has dipped to the 4-hour Fibonacci Retracement level of around $0.0145, as predicted by Zen a week ago, the overall technical analysis presents a mixed picture. The analyst notes that the lack of sufficient trading volume is a bearish signal, and the price action has yet to form a clear bottom.
Amid the bearish signals, the analyst suggests that there is a chance for a rebound in Notcoin’s price. This optimism stems from the positive sentiment observed in the broader market, with even traditional assets like gold showing signs of recovery.
Moreover, he noted that Notcoin, alongside other altcoins, depends heavily on the performance of Bitcoin (BTC), Ethereum (ETH), and the stock market, which shows signs of positivity.
The analyst emphasizes that while the Notcoin chart alone may not appear promising, the overall market conditions could potentially fuel a price rebound.
Cautious Approach RecommendedHowever, WiseAnalyze advises exercising caution when trading Notcoin. The analyst recommends waiting for the price to trade above $0.0171 before considering a bullish stance, as this level represents a 10% increase from the current price. While this approach may cause traders to miss the bottom, it also reduces the risk of being trapped in a fake bottom scenario.
In the event of further price dips, WiseAnalyze has identified potential support levels at $0.0132 and $0.0120, which he marked out a week ago. These levels could act as crucial areas of interest for traders and investors looking to accumulate Notcoin at discounted prices.
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NOT’s Price ActionAccording to CoinGecko at press time, Notcoin trades at $0.01539, with a daily trading volume of $854,557,520.42. This value means the token has dipped by 2.95% in the last day and a 6.07% decline over the past week.
While the technical analysis of Notcoin’s price action may appear bearish, WiseAnalyze’s assessment suggests that the broader market sentiment could potentially fuel a rebound. The analyst highlights the positive performance of traditional assets like gold, as well as the overall stock market, as potential catalysts for a resurgence in cryptocurrency prices.
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The post Notcoin (NOT) Faces Bearish Trends, but Analyst Predicts Potential Rebound – Here’s His Outlook appeared first on CaptainAltcoin.
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