- Notcoin’s bullish falling wedge indicated a 60% rally if it breaks the crucial $0.0076 level.
- 79% whale control and a low BTC correlation could strengthen Notcoin’s potential upside breakout trajectory.
Non-coin [NOT] forms a falling wedge pattern, a bullish reversal structure often characterized by converging downward trend lines. According to crypto analyst Alimay NOT experience a 60% price increase if it moves above the $0.0076 resistance level.
The wedge has been forming since early July, indicating that the long-term downtrend may be nearing an end.
If a breakout occurs above the upper trendline, the next potential resistance targets are identified using Fibonacci retracement levels.
Key levels to watch include 0.236 at $0.0231667, 0.382 at $0.01619219, 0.5 at $0.01347901, 0.618 at $0.01122045 and 0.786 at $0.00864199.
The height of the wedge, measured at 0.00450413 or 60.68%, indicates a breakout target around the 0.618 Fibonacci level.
Source:
Current price and trading volume
At the time of writing, Notcoin (NOT) was trading at $0.007009which reflects a decline of 1.68% in the past 24 hours and a decline of 9.57% in the past seven days. The 24-hour trading volume has reached $128,079,916, indicating substantial market activity despite the recent downtrend.
The low point on the chart, noted at $0.00619681, acts as a potential support level if the price continues to decline. Moreover, the lower boundary of the wedge also serves as a support line, reinforcing the structure of the bullish reversal pattern.
Technical indicators point to low volatility
The Bollinger Bands on the daily chart show low volatility, with the price currently hovering near the lower band. This positioning suggests a possible oversold condition, which could lead to a move towards the mid-band.
Meanwhile, the Relative Strength Index (RSI), which stands at 41.58, indicates weak momentum but is not in a completely oversold zone. If the RSI climbs above 50, it could signal a shift towards stronger bullish momentum, while a dip below 30 would indicate increased selling pressure.
Source: TradingView
The Aroon indicator shows a negligible uptrend and a moderate downtrend of 64.29%, reflecting the current bearish control.
For a potential trend shift, the Aroon Up would need to rise, which would indicate a growing bullish presence in the market.
Large Holders Retain Control, Impact on Bitcoin
IntoTheBlock data indicated that 71% of Notcoin holders are currently making a loss, while only 17% are making a profit at the current price.
This shows that most investors are currently below their entry level, a factor that could influence trading behavior.
Furthermore, 79% of the supply is held by large holders, meaning whales control a significant portion of the circulating supply.
This high concentration could contribute to greater price volatility, especially during significant market movements.
Source: IntoTheBlock
Notcoin’s correlation with Bitcoin is remarkably low, measuring at 0.02, indicating that it operates largely independently of BTC’s price movements.
Read Notcoin’s [NOT] Price forecast 2024–2025
The composition of the holdings shows that 94% of holders have held the token for 1-12 months, indicating a medium-term commitment to the asset.
In contrast, only 6% of holders are new, indicating limited recent adoption or interest.
