Notcoin has experienced sustained surge over the past month. An analyst eyes a 12.50% upswing after a breakout from a falling wedge pattern.
- NOT has surged by 14.45% over the past week. An analyst eyes a 12.50% upswing following breakout from falling wedge pattern.
Over the past 2 weeks, Notcoin [NOT] has made considerable gains breaking out from a falling wedge on a daily time frame. In fact, as of this writing, NOT was trading at $0. 008772. This marked a 5.22% surge over the past month.
Equally, this bullish trend has extended on weekly charts with the coin hiking by 14.45%.
Since making a low of $0.0069 on 18th September, the altcoin has seen a 9-day consecutive surges before declining again. Thus, the past 24 hours have seen a 2.09% decline.
Despite the decline on the daily charts, the overall market gains over the past week outweigh the losses.
What market sentiment says
The recent upsurge has left analysts talking while betting big on the altcoin’s future. Inasmuch, the popular crypto analyst Ali Martinez has suggested an upcoming 12.50% upswing.
Source: X
In his analysis, Martinez cited Notcoin’s breakout from a falling wedge pattern on hourly charts.
According to the analyst, a breakout from this level will result in a 12.50% surge. This will drive NOT’s prices to $0.009868.
In context, a breakout from this pattern suggests that selling pressure is weakening and buyers are entering the market to drive the prices up. Thus this signals a shift in momentum from bearish to bullish which further increases the possibility of the price upsurge.
What NOT charts suggest
While the analysis, provided by Martinez provides a forward-looking outlook for Notcoin, it’s essential to determine what other fundamentals indicate.
Source: Santiment
Firstly, Notcoin’s funding rate aggregated by asset has remained positive over the past week. A positive funding rate aggregated by assets suggests that Notcoin is experiencing upward price movements more often than it has experienced downward movements.
Therefore, this indicates that buyers are regularly dominating the market signaling investor’s confidence in the asset’s future value.
Source: Santiment
Additionally, NOT has experienced a higher demand for long positions than short positions. This is indicated by a sustained positive funding rate aggregated by exchange.
It signals investors are confident with the future value and anticipate further gains. This makes them pay a premium fee to hold those positions.
Source: IntoTheBlock
Finally, the market is showing higher stability as Whales have extended ownership than others. As such large holders own 66.69% of the token supply thus indicating total dominance over retail traders and Investors.
A whale-dominated market is less prone to speculative selling, as whales and institutions are experienced thus they don’t follow news or emotions to make sales. With whales having a higher demand for the altcoin, it shows they are confident with the altcoin and anticipates further gains.
Therefore, the current market conditions could set Notcoin for further gains. With a strong upward momentum supported by positive market sentiment, NOT will reach $0.01229 in the short term.
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