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- NOT is up 24.55% in the past week.
- Notcoin breaks out of a falling wedge, indicating a potential upside of 76%.
Over the past month, Notcoin [NOT] has seen a strong revival. After reaching a local high of $0.0092, the altcoin saw a sharp decline, hitting a local low of $0.0055.
Since then, however, NOT has seen a strong upward move for almost a week.
At the time of writing, Notcoin was even trading at $0.007473. This represented an increase of 13.98% compared to the previous day. Similarly, on the weekly and monthly charts, the altcoin has risen 24.55% and 2.0% respectively.
Source: Coinglass
Amid this price surge, trading activity has soared, with trading volume increasing 297.52% to $522.11 million.
The current price action and market conditions have analysts talking. One of them is the popular Crypto analyst Ali Martinez which has suggested a potential price increase of 76%.
Market sentiment
In his analysis, Martinez argued that NOT has broken out of the falling wedge. With the breakout, the altcoin could see a 76% price increase and reach $0.012 for the first time since August.
Source:
In this context, a breakout from the falling wedge pattern, which is a bullish reversal setup, typically signals a trend shift from bearish to bullish.
This move indicates that buying pressure has overtaken selling pressure, paving the way for further price gains.
The analysis was further validated by the increase in trading volume as we observed earlier, as this indicates stronger interest from buyers with strong upward momentum.
Source: TradingView
This upward momentum is further evidenced by the fact that Notcoin’s Advance Decline Ratio (ADR) has remained above 1 for the past six days.
So buyers were in control and market sentiment was generally optimistic.
Source: IntoTheBlock
Furthermore, Notcoin’s number of large transactions increased by 833.3% over the past week. This shows that large keepers and whale activities are very high, especially the accumulation.
So the current rally is partly driven by large bondholders who are actively accumulating.
Source: IntoTheBlock
Finally, Notcoin’s daily active addresses have risen from a low of 12.84k to 28.97k over the past week.
This implies that the rally is not only driven by large investors, but also by strong fundamentals, and not simply by speculative investments.
Read Notcoin’s [NOT] Price forecast 2024–2025
What’s next for NOT?
As noted above, Notcoin is experiencing strong upward momentum. After a breakout from the falling wedge pattern and positive market sentiment, these conditions could provide the altcoin with further gains.
Therefore, if these conditions hold, NOT will reach $0.0092 in the near term.
