Notcoin (NOT) has had a rollercoaster ride in the cryptocurrency market recently. While it initially outperformed top cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), it has since faced a 27.17% decrease in value over the last 30 days, trading at $0.013. However, Notcoin bulls are making moves to stop the bears and potentially reverse this downward trend.
Analyzing the 4-hour NOT/USD chart, the Money Flow Index (MFI) indicated an oversold point on July 1 with a reading of 17.42. However, the current reading stands at 63.31, despite a 4.88% price drop in the last 24 hours. This bullish divergence suggests that selling pressure may be subsiding, while buyers are taking advantage of discounted prices to potentially drive Notcoin’s price up in the near future.
Historically, Open Interest (OI) has played a role in sustaining Notcoin’s uptrend by measuring speculative activity in the market. Currently at $143.08 million, a decrease from $163.60 million six days ago, signals a weakening downtrend and aligns with the MFI indications. To reverse to the upside and potentially reach $0.016, more capital inflow into the derivatives market may be necessary.
Despite bullish signals, the Ichimoku Cloud indicates potential resistance as Notcoin attempts to recover losses. The cloud being above the price suggests a downtrend, indicating that the cryptocurrency may face challenges in trading higher. However, if successful, NOT’s price may reach $0.016 or even $0.018 in the short term, while bearish rejection and a further decline in Open Interest could push the price down to $0.011.
In conclusion, Notcoin’s current situation demonstrates a potential for a price increase if bullish momentum continues to build up. While past performance does not guarantee future results, technical indicators such as the MFI, OI, and Ichimoku Cloud suggest that Notcoin may have the opportunity to rebound in the near future. Investors should conduct their own research and consult with professionals before making any financial decisions.
