With a significant increase in trading activity, Notcoin’s price has experienced a slight uptick. Consequently, market participants have become more optimistic about the upcoming trend, anticipating that the rally will soon trigger a new 50% increase.
The trend, however, remains within a bearish range, markedly different from a critical range. Despite NOT being one of the top gainers, the token continues to attract significant attention from market participants.
Trapped in a Bearish Trend, Yet a Strong Rebound Possible?
The NOT price surge indicates a hidden continuation of the bearish trend, although the recent bullish trend has overshadowed this. The token attracted over $1 billion in trading volume in the last 24 hours, making it the 11th ranked token by volume, and its price is about to break into the top 50.
However, after its market cap fell from highs above $4 billion, is it still possible for the token to reclaim its position?
Short-term trading shows the price trapped in a bearish descending trend, indicating that the bears are dominant. However, the stochRSI pattern shows a different movement as the price appears to be preparing for a range breakout.
In the past instances, every time the RSI touched the lower limit, the NOT price reached the lower support of the channel. Nevertheless, when the RSI entered the oversold region, the levels remained close to the upper resistance.
Therefore, Notcoin’s price is expected to consolidate within the same range for several hours, and as the RSI rebounds, the price might break above the upper resistance.
This could lead to the price dropping to $0.02 after consolidation. On the other hand, if the NOT price fails to break through the channel in the next few hours, it could form another lower high, indicating a strengthening of bearish forces.
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