Notcoin (NOT) price started the day on a bearish trend and was trading at around $0.02227 at the beginning of the day. In the course of the day, the price oscillated and exhibited some form of resistance at the $0.0230 level. After the first fall, Notcoin partially bounced back and tried to reach this resistance level twice before falling down to the lower support level of $0.212 by midday.
Additionally, the price action formed distinct patterns, with the price rising to form two peaks in a double-top pattern at the resistance level. This is a typical bearish reversal pattern which implies that the price may experience further selling pressure if it cannot break through these levels. Also, the subsequent drop cemented the current bearish narrative of Notcoin.
NOT/USD 24hr Price Chart (Source: CoinMarketCap)
Comparing the trading volume and market capitalization, the activity of Notcoin is rather high. The total trading volume within a day has also been increasing and is at an 18.63% surge to $1,648,055,217. Such trading volumes suggest that more transactions are taking place and may involve speculative traders who are concerned with price variation.
Also, the market capitalization has slightly reduced to 4. 66% while the price has dropped to $2,181,646,807. This scenario of high trading volume and decreasing market capitalization shows that even as Notcoin is likely being traded more frequently, the market is still bearish.
NOT/USD Technical Analysis
On the NOTUSD 4-hour price chart, the Stochastic Momentum Index (SMI) suggests a shift in momentum. After a period of negative values indicating bearish sentiment, the SMI curve has begun to rise towards the zero line. This movement could signal a possible reversal in Notcoin’s price, hinting at a regain in bullish momentum.
NOT/USD 4-hr Price Chart (Source: Trading View)
The Bollinger Bands on the NOTUSD 4-hour chart show that the price is in a consolidation phase trading between the upper and lower bands at the moment at 0.0226. With a steep increase and a peak at around 0.026, the bands have begun to narrow slightly indicating that the volatility is declining. The upper and lower bands are currently at 0.0249 and 0.0203 respectively which indicates a possible phase of market correction as the bands contract, indicating low volatility.
At the moment, on the NOTUSD 4-hour chart, MACD is -00005201 for the signal line and 00015210 for the MACD line, which indicates that a reversal may occur. The MACD line is moving towards the signal line from the top, which indicates a decline in the bullish pressure. This convergence suggests that a bearish crossover is on the way and the price may be due for a reversal if the trend continues.
