2024-8-7 18:30 |
Notcoin is “performing exceptionally well,” as noted by Decilizer in one of his latest analyses on X. The analyst pointed to a strong support level at $0.08, where the price rebounded, and thinks it is enough to make the price spike to around $0.23.
Decilizer thinks this is possible since the price has seen a 370% rise from that support in the past. The ongoing bullish trend in Toncoin (TON), on which NOT is built, is also seen as a bullish trigger.
$NOT is performing exceptionally well. It has established a solid support level at $0.008, and we are highly optimistic about achieving our target of $0.023. The current bullish trend of $TON boosts our confidence.
We've seen a 370% gain in growth on it before. pic.twitter.com/lD2QUgSjpZ
TON price is up today by 6%, and the growth of the ecosystem is expected to affect unique layer 2 networks and solutions built on it.
Price Action Points to the Next Possibilities for Notcoin PriceA deeper look at price action shows two possibilities for the price of Notcoin. There is a broader descending trendline that is forming lower lows and lower highs.
Even though the support at $0.08 triggered a bullish reversal, it still formed a lower low compared to the last swing low, which was at $0.09. The current bearish move could be part of the more general market recovery that started today.
Read Also: How Low Can Kaspa’s KAS Price Go Amid the Ongoing Crypto Market Turbulence?
However, the price keeps trading lower within a descending trendline. The bullish possibility is a retracement to the trendline, which could then serve as resistance and trigger the continuation of the bearish move.
This means for us to become strongly bullish on Notcoin, we need to see a breakout above the descending trendline. Until then, all the bullish moves will be seen as minor retracements.
On the other hand, the price will have to break below the support at $0.08 to confirm and continue the bearish lower low, lower high pattern. Fulfilling this criterion may trigger a decline to around $0.048.
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The post Notcoin (NOT) Price ‘Performing Exceptionally Well’ But Bearish Metrics Signal Caution appeared first on CaptainAltcoin.
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