In the past 4 days, the Telegram coin Notcoin (NOT) price has advanced more than 40%. It occurred from a lower border of the declining wedge and coinciding horizontal support of $0.00921.
Earlier, the price peaked at $0.0293 on June 2nd, 2024. However, it was stuck moving under a downward trend due to instability and rising bear dominance. The downward trend has kept the NOT price subdued for nearly 60 days.
While this asset attempted to breach this trendline from the same horizontal support on July 5th, it faced a downward trend. However, It kept the rally brief and fell back under it.
Many wonder: Will the current bounce be brief or a real breakout this time? Let’s find out how the NOT price may perform in the near future.
Notcoin’s Telegram channel gained millions of new users
In the past month, Notcoin (NOT) has gained new support from its Telegram community. The Notcoin community now has more than 13M subscribers, with inclined growth in August.
The telegram channel has a bigger reach than its X handle. It is the most active social media platform for NOT holders.
The on-chain earnings approach has played a key role in the form of play-to-earn and is one of the immediate causes of growth.
The increase in NOT Telegram subscribers coincided with a recent price rally of $0.00921 support. Bitcoin sustained the market-wide sell-offs. It has become one of the leading short-term gainers, with nearly 40% gains in mere 4 days.
Over the intraday, the price has paused near the 50-day EMA band. It has struggled to sustain at the coinciding hurdle at $0.0126. That was accompanied by a slight intraday gain of 2%, where the price traded at $0.0119.
What Does the OI-Weighted Notcoin Funding Rate Show?
Despite the recent gains, the NOT token’s funding rate chart on CoinGlass has been oscillating between positive and negative values.
This fluctuation signified mixed investor sentiment, ongoing uncertainty, and indecision regarding the coin’s future direction.
Nevertheless, the funding rate was positive at press time, exhibiting long contracts. Suppose the contingent on investors’ demand for a price rise remains intact,
the Telegram coin could show a resurgence and recoup its recent losses.
Can NOT’s Not-so-Impressive Run Turn Magnificent Ahead?
Recently, Notcoin’s MACD indicator has shown a reduction in bearish momentum, leading to a bullish crossover.
Similarly, the RSI flashed at 45.74 and bounced back from the 14-SMA smoothened line. This optimistic shift indicated a hint of a positive trend for the asset’s price market to recover.
If the NOT approaches the upper border in the wedge, and contingent on optimism, its price could pierce the upper border. This would lead to a retest supply.
Therefore, the interruption for the rally would be at $0.01636 and $0.02161, respectively. On the contrary, the support could be at $0.00921 and $0.00771.
