- NOT is up 14.45% in the past week.
- An analyst expects an increase of 12.50% after breaking the falling wedge pattern.
Over the past 2 weeks, Notcoin [NOT] has made significant gains from a falling wedge on a daily time frame. In fact, at the time of writing, NOT was trading at $0. 008772. This represented an increase of 5.22% in the past month.
Likewise, this bullish trend has extended on the weekly charts, with the coin rising 14.45%.
Since hitting a low of $0.0069 on September 18, the altcoin has risen for nine consecutive days before falling again. So there has been a decline of 2.09% over the past 24 hours.
Despite the decline on the daily charts, the overall market gains over the past week outweigh the losses.
What market sentiment says
The recent uptick has analysts talking as they bet big on the altcoin’s future. So much for the popular crypto analyst Ali Martinez has suggested an upcoming 12.50% increase.
Source:
In his analysis, Martinez cited Notcoin’s breakout from a falling wedge pattern on hourly charts.
According to the analyst, a breakout of this level will result in an increase of 12.50%. This will bring prices from NOT to $0.009868.
In context, a break from this pattern suggests that selling pressure is weakening and buyers are entering the market to drive up prices. So, this indicates a shift in momentum from bearish to bullish, further increasing the chances of a price increase.
What NOT charts suggest
While Martinez’s analysis provides a forward-looking view of Notcoin, it is essential to determine what other fundamental factors indicate.
Source: Santiment
First, Notcoin’s funding rate, aggregated by asset, has remained positive over the past week. A positive funding rate aggregated per asset suggests that Notcoin experiences upward price movements more often than downward movements.
Thus, this indicates that buyers are regularly dominating the market, indicating that investors are confident in the future value of the asset.
Source: Santiment
Furthermore, NOT has experienced greater demand for long positions than short positions. This is evidenced by a persistently positive financing rate aggregated by exchange rate.
It indicates that investors are confident in future value and anticipate further gains. This causes them to pay a premium to maintain those positions.
Source: IntoTheBlock
Finally, the market shows greater stability because whales have more ownership than others. As such, large holders own 66.69% of the token supply, indicating total dominance over retail traders and investors.
Read Notcoin’s [NOT] Price forecast 2024–2025
A market dominated by whales is less prone to speculative selling because whales and institutions are experienced and do not follow news or emotions to make sales. Now that whales have increased demand for the altcoin, it shows that they have confidence in the altcoin and expect further gains.
Therefore, current market conditions could provide Notcoin with further gains. With strong upside momentum supported by positive market sentiment, NOT will reach $0.01229 in the short term.
