2024-6-8 19:15

Notcoin (NOTUSDT) appears to be exhibiting strength both fundamentally and technically, according to market analysis on TradingView by RLinda. However, the analyst also reveals that the hourly timeframe suggests the preconditions for a potential “dump” of the coin before a possible further rise. The following paragraphs will explain the crypto trader’s price outlook.

Since its launch, excluding the listing day, Notcoin has strengthened quite significantly without substantial pullbacks, creating a considerable imbalance. One scenario suggests that the coin was initially pumped up to 450%, and now there is a possibility of a “dump” to collect liquidity at the expense of traders who jumped on the upward momentum late.

At the moment, all eyes are on the $0.02-$0.0199 area. There are two possible scenarios regarding this level, and everything depends on the market reaction and traders’ behavior.

Scenario 1: Breakout and Liquidation

The first scenario involves a breakout and subsequent liquidation. In this case, the price could breach the $0.02-$0.0199 level, potentially triggering a cascade of liquidations and a sharp downward movement.

Scenario 2: False Breakdown and Continuation

The second scenario is a false breakdown, where the price briefly dips below the $0.02-$0.0199 level but quickly rebounds, signaling a continuation of the upward trend. In this case, the price could continue its ascent toward the liquidity zones above.

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Support and Resistance Levels

According to the analysis, the following levels are crucial:

Support levels: $0.0199, $0.185 Resistance levels: $0.023, $0.0253

Growing Volumes and Investments

While volumes and investments in Notcoin are increasing, the market acknowledges that the coin cannot grow indefinitely. There is a possibility that whales (large investors) may take advantage of the situation and “eat some buyers” to form long positions at more favorable prices. Traders are closely monitoring the specified zone of $0.0199.

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The post Notcoin Price Action Shows NOT Preparing for a Dump: Two Possible Scenarios for Price Direction Emerge appeared first on CaptainAltcoin.

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