- Notcoin was on the verge of a breakout at press time.
- Despite NOT’s optimistic signals, traders should still exercise caution.
Notcoin [NOT] has been making impressive gains in the last 24 hours, surging by over 9% at press time, according to CoinMarketCap.
With a market cap of $914M, Notcoin’s trading volume reached approximately $220 million, representing an 86% increase in the same period.
After months of a downward trend, Notcoin, which has been in decline since early June, is showing signs of a breakout. The token had been following a descending trendline, with each touch creating a lower low.
However, the recent touch at the end of September formed a double bottom pattern, signaling potential for a breakout.
As at press time, Notcoin has pierced through this key resistance level, and the current candle appears to be closing outside the descending zone, setting the stage for a significant upward move.
Source: TradingView
A confirmed close above this resistance, followed by a successful retest, could push Notcoin back to its previous all-time highs (ATH), with a potential for gains exceeding 322%.
If the breakout is sustained, Notcoin could create a new ATH, marking a critical milestone for the token, which is one of the pioneering projects launched on the TON blockchain.
NOT’s longs % accounts and volume
Despite these optimistic signals, some metrics suggest caution.
Analyzing a 1-day lookback period with a 5-minute timeframe shows that while buy volume initially surged to maximum levels, it has since started to decline and now sits below the 50% threshold.
This decline indicates some profit-taking, but importantly, buy volume remains higher than sell volume, suggesting that while the momentum may have slowed, sellers have not yet overtaken buyers.
This is a positive indicator for Notcoin’s price trajectory.
The Funding Rates, which reflect the cost of holding long versus short positions, were flat at press time, meaning that the ratio of longs paying shorts is balanced, likely due to the price gains.
Source: Hyblock Capital
However, the percentage of long positions globally was at 59% and continued to rise, signaling that buyers remained confident in Notcoin’s potential for further gains.
With most technical indicators aligning towards a bullish outlook, it is likely that Notcoin could establish a new high if it successfully breaks out of its downward trend.
Read Notcoin’s [NOT] Price Prediction 2024–2025
As the token gains traction, a new ATH could be on the horizon, which would cement its position as a key player in the TON blockchain ecosystem.
Investors will be watching closely to see if Notcoin can sustain this upward momentum and deliver on the potential for significant gains in the coming days.
