Telegram coin Notcoin (NOT) has a good chance of reinitiating an uptrend after being subdued for over two months.
This could be propelled by the NOT investors, who seem to be changing their tones from bearish to bullish.
Notcoin Investors Turn a New Leaf
Notcoin’s price could benefit from the increasing conviction among NOT holders. Over the last two weeks, the network has seen a shift in sentiment. The mid-term holders’ concentration currently stands at 75%, a significant increase from 25% last month.
Generally, these investors hold their assets for more than a month and less than 12 months. On the other hand, short-term holders hold for less than a month, making the asset prone to selling. Their domination further creates a bearish atmosphere, which is the case with NOT.
Read More: What is Notcoin (NOT)? A Guide to the Telegram-Based GameFi Token
Thus, their shift from short to mid-term is a very positive signal.
Another similar signal is the minimal selling noted amongst investors. Upon observing the active addresses by profitability, one can see that the investors in profit only make up for 4% of all participating addresses.
When the investors conducting transactions on the network are in profit, they tend to sell. If their domination is above 25%, it could significantly impact the price negatively. However, since that is not the case with Notcoin, Telegram coin could be noted to have risen.
NOT Price Prediction: Target Ahead
Notcoin’s price is currently trading under a two-month-old downtrend that the Telegram coin has attempted to breach four times now. Changing hands at $0.11 at the time of writing, NOT is holding above the support of $0.09.
Given the aforementioned factors, the likely outcome will be an attempted breach of the resistance at $0.013. Once this level is flipped, it will act as support for the Telegram coin and help it NOT sustain above the downtrend line.
Read More: How To Buy Notcoin (NOT) and Everything You Need To Know
However, a failed breach would mean consolidation of Notcoin’s price. This is because even after the failure, the altcoin would have escaped the downtrend. This sideways movement could invalidate the bullish thesis.
Disclaimer
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