Trusted

Telegram Coin Notcoin (NOT) Price Rebound Likely as Investors Buy the Dip

2 mins
Updated by Daria Krasnova
Join our Trading Community on Telegram

In Brief

  • Notcoin price dropped 62% from its peak but shows signs of recovery as investors buy the dip.
  • The Long/Short Ratio indicates a bullish sentiment, with more buyers than sellers in the market.
  • NOT could rebound to $0.013 if buying pressure sustains, but risks falling if selling continues.
  • promo

Since reaching its all-time high in June, Notcoin (NOT) has declined by 62%. The last 30 days have been challenging as well, with the price dropping by double digits.

However, this analysis suggests that the Telegram-based cryptocurrency might soon see some relief.

Notcoin Bullish Divergence Triggers Change in Positions

As of this writing, Notcoin’s price is $0.010. This is a notable fall from $0.012, which it hit on August 19 and eventually turned out to be a false breakout. But on the daily chart, the Chaikin Money Flow (CMF) has exited its stay in the negative region and jumped to the positive side.

The CMF is a technical indicator that evaluates the level of buying or selling pressure in the market to provide insights into future price direction. Typically, a rising CMF implies that market participants are accumulating.

A falling rating of the indicator, however, shows that distribution is very much present. Therefore, the opposite movement of NOT’s price and the CMF is a bullish divergence, suggesting that investors are capitalizing on the recent discount and buying the dip.

Read more: Where To Buy Notcoin: Top 5 Platforms In 2024

Notcoin Daily Analysis.
Notcoin Daily Analysis. Source: TradingView

Furthermore, past performance as recent as July reinforces the bias. For instance, as shown above, NOT experienced a downtrend to $0.010 on July 5. 

During the downturn, the CMF also followed. But moments after the indicator changed direction, the price also followed, eventually driving a 43% increase to $0.017.

However, this does not imply that Notcoin’s price will replicate the exact upswing. But if money continues to flow into the token, a notable rebound could be next. It also appears that traders in the derivative market share a similar sentiment.

Notcoin traders sentiment
Notcoin Long/Short Ratio. Source: Coinglass

According to Coinglass, Notcoin’s Long/Short Ratio has hit an exact reading of 1. This ratio is a barometer of investor expectations.

If the reading falls below 1, the average open position is bearish, while a reading above the value suggests otherwise. Therefore, the rising ratio reveals that there are more longs (buyers) than shorts (sellers).

NOT Price Prediction: Ready to Revisit $0.013

At press time, the NOT/USD chart displayed a descending triangle, a pattern typically signaling bearish continuation. However, in some cases, a reversal can occur, and Notcoin appears to be one of those exceptions.

As shown below, and supported by growing buying pressure, Notcoin seems poised to break above the bearish formation. For this breakout to happen, buyers must outpace sellers to shift market momentum.

If successful, NOT could rise to $0.013 in the short term and potentially reach $0.016. However, this outlook may be invalidated if crypto whales continue to dump the token.

Read more: Notcoin (NOT) Price Prediction 2024/2025/2030

Notcoin Daily Analysis.
Notcoin Daily Analysis. Source: TradingView

Recall that this investor cohort played a key role in driving the price down previously. If these sell-offs persist, Notcoin’s price could decline further, potentially dropping to $0.0085.

Top crypto projects in the US | October 2024
Coinbase Coinbase Explore
Coinrule Coinrule Explore
3Commas 3Commas Explore
Uphold Uphold Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | October 2024
Coinbase Coinbase Explore
Coinrule Coinrule Explore
3Commas 3Commas Explore
Uphold Uphold Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | October 2024

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

IMG_3173.jpg
Victor Olanrewaju
Victor Olanrewaju is a technical and on-chain analyst at BeInCrypto, where he monitors the activities of mid- and large-scale investors, commonly known as crypto whales, to detect investment trends across diverse cryptocurrencies, including Bitcoin, altcoins such as Solana, XRP, Cardano, and Toncoin, as well as meme coins like Dogecoin, Shiba Inu, and Pepe. Additionally, he covers emerging trends including Tap-to-Earn games, AI tokens, and real-world assets (RWA). Before joining BeInCrypto...
READ FULL BIO
Sponsored
Sponsored