Market
Is Telegram Coin Notcoin (NOT) Running out of Bullish Steam?
Telegram Coin Notcoin’s (NOT) price is recovering from the recent drawdown, which helped it breach the downtrend line.
With investors’ support, the altcoin could see further gains provided it breaches past a crucial resistance.
Notcoin Investors Push for Gains
NOT investors have been eagerly anticipating a rise in Notcoin’s price, which is now becoming evident in their behavior. The first clue substantiating this comes from the funding rate. The consistent positive figures suggest a strong bullish sentiment among traders.
Additionally, the steady inclination of the funding rate from a negative dip reflects growing confidence in the market. This upward trend is a clear indicator of investors’ optimism and their belief in Notcoin’s potential.
Furthermore, the Relative Strength Index (RSI) is currently above the neutral line. The RSI measures price momentum from 0 to 100, with values above 50 indicating buying pressure and below 50 indicating selling pressure.
This is a significant technical indicator, highlighting a surge in buying pressure.
Read More: What is Notcoin (NOT)? A Guide to the Telegram-Based GameFi Token
The elevated RSI suggests that more investors are purchasing Notcoin, further supporting the ongoing price rise. The combined positive funding rate and RSI indicate bullish momentum.
NOT Price Prediction: Aiming for Old Highs Again
Notcoin’s price, trading under the resistance of $0.01794, has risen 14% in the last 24 hours. This barrier has been tested multiple times, and the Telegram Coin has failed to breach it every time in the past month.
The bullishness noted by the investors is a positive sign and could help NOT breach past the resistance level. This would enable a rise to $0.02000, extending the investors’ potential gains.
Read More: How To Buy Notcoin (NOT) and Everything You Need To Know
But if the breach fails again, Notcoin’s price could be consolidated between $0.01794 and $0.01300. Losing the latter would invalidate the bullish thesis, resulting in a loss of the Telegram Coin’s recent gains.
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 Conditions, Privacy Policy, and Disclaimers have been updated.
