price analysis and forecasts. Is bearish sentiment behind us?

There resistance trend line Of Notcoin established from the highs reached in early June appears to be a significant obstacle. It is expected that the same trend line, which hindered bullish movements in mid-June, will again oppose bullish movements.

Fibonacci retracement levels derived from the late May rally indicate that the price of $0.0171 pIt could act as a resistance level. After that, a decline towards the $0.0101 support level or the 78.6% retracement is expected.

Although the price indicated a higher low in the near term, suggesting a possible break in bearish sentiment, Notcoin is ready to raise liquidity in the range between $0.016 and $0.0165 before potentially turning lower again.

Notcoin faces bearish recession despite short-term gains

An analysis of futures market data reinforces the expectation of bearish trends. The spot CVD metric, despite a slight increase recently, continues to show a downward trend.

L‘Open Interest rose slightly, suggesting some bullish speculative interest. However, the lack of substantial spot demand suggests that these speculators may face disappointment.

Interestingly, although the funding rate remains positive, it is not significantly elevated. Historically, during the rally from $0.011 to $0.028 in early June, the lending rate rose to +0.12, maintaining similar levels for about a week. It is currently closer to +0.021, indicating a marginal bullish outlook as of June 9th.

Notcoin: from a viral Telegram game to a crypto with stimulating potential

Built on the Toncoin chain, the project Notcoin made its first appearance in the cryptocurrency market on May 15, 2018. The Notcoin project began primarily as a viral Telegram game through which users could exploit and earn mining mechanisms.

However, the Notcoin project has immediately attracted enormous attention by the market, attracting millions of users and creating a strong community in a short period.

With this, investors are curious to know Notcoin (NOT)’s future plans, updates, and roadmap to reach $1! Are you going to buy Notcoin long term but are you worried about its prospects?

Fear not and scroll down as in this article on price prediction, we explore the feasible prediction of Notcoin prices from the year 2024.

Price analysis: what prospects for the price of Notcoin?

Notcoin price increased by 9.68% in terms of valuation with a +67.42% change in 24-hour trading volume. Furthermore, the altcoin gained 2.93% over the past week and is up 131.92% over the past 30 days. In particular, the NOT cryptocurrency has rewarded its long-term investors with a year-to-date return of +9.36%.

There simple moving average (SMA) it consistently serves as support to the price chart on the 1D time frame, highlighting a growing bullish sentiment for the NOT token price in the cryptocurrency market.

On the other hand, the technical indicator, MACD, shows a steady upward trend in the green histogram, indicating an increase in excessive buying pressure. Furthermore, the averages show a bullish increase, suggesting that the altcoin will continue to gain value in the coming times.

If the market continues to trade with bullish sentiment, Notcoin price will surpass its important resistance level and will head towards the $0.02280 level above. In the next weeks. However, in case of a bearish reversal, the NOT price will plummet towards the $0.0140 low.

Notcoin Price Prediction 2024

With growing investor interest in Layer-1 tokens and the adoption of cross-border financial system into the mainstream financial system, the TON-based Notcoin price could see a significant upside in its valuation in the coming months.

Potentially, the price of the NOT coin could record a new all-time high (ATH) of $0.0326 this year. However, tighter crypto regulation or a bearish reversal could push the Notcoin token towards its yearly low of $0.0100.

With continuous feeling bearish/bullish in the cryptocurrency market, the Notcoin (NOT) token price may end the year 2024 with an average trading value of $0.0213.

Read also: Notcoin Predictions

Conclusion

In conclusion, although Notcoin shows short-term upside potential, the overall outlook remains bearish. The key resistance level at $0.0171 and trendline resistance could hinder significant upside moves, potentially pushing prices lower. Investors and traders should approach with caution, keeping in mind current futures market data and ongoing price action.

For years I have been a copywriter and editor of blogs on financial and economic topics. Among my passions are the world of cryptocurrencies, Bitcoin and online investments.