Notcoin Buyers Anticipate Reversal as Falling Wedge Pattern Emerges

Notcoin [NOT] continues its downward trend but is showing signs of a potential bullish reversal. The token is forming a falling wedge pattern on the daily chart, and if bulls can push the price above $0.0081, a recovery toward $0.0095 or even $0.01 is possible. However, failure to hold the $0.0072 support could lead to further declines.

Notcoin [NOT] has faced a persistent downtrend since reaching its all-time high of $0.032 on June 2nd, due to the broader market’s bearish sentiment. Over the past few months, the token has dropped below its 20-day and 50-day exponential moving averages (EMAs), signaling continued selling pressure.

At press time, NOT was trading at $0.00716, down by 8% in the last 24 hours. With price levels hovering near the critical support of $0.007, the bulls must defend this zone to prevent further declines. The current market formation indicates that buyers may have an opportunity to reverse the trend.

Falling Wedge Pattern: A Sign of Reversal?

Notcoin’s recent decline has created a falling wedge pattern on the daily chart, a technical formation typically signaling a bullish reversal. The token is approaching the wedge’s lower boundary near the $0.0072 support level, which coincides with historical support zones. If buyers step in, the price could see a near-term breakout.

A potential reversal could occur if Notcoin closes above the 20-day EMA at $0.0081. Such a move could pave the way for a recovery, with the first target being the $0.0095 resistance level, followed by a possible push toward $0.01.

However, should the price fall below the $0.0072 support, Notcoin could face further downside, with the next target at $0.005 before any significant recovery.

The Relative Strength Index (RSI) sits at 34.5, indicating oversold conditions. A bounce from this level could signal bullish divergence, but failure to rebound may confirm further downward momentum.

Derivatives Data Shows Mixed Sentiment

On the derivatives front, Notcoin’s open interest (OI) has dropped by 6.92% in the past 24 hours, reflecting decreased market interest. The long/short ratio remains skewed towards shorts, sitting at 0.9102, which points to a bearish outlook among traders. However, the long/short ratio on Binance stood at 3.6992, indicating some hope for a recovery, as the broader market sentiment is not entirely negative.

Key Takeaways

The market for Notcoin remains under bearish pressure, but technical indicators like the falling wedge pattern and oversold RSI levels offer a glimmer of hope for a bullish reversal. A breakout above $0.0081 could encourage buyers to re-enter the market, with targets at $0.0095 and $0.01. However, if the $0.0072 support is lost, further declines toward $0.005 may follow before any meaningful recovery.

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