Notcoin’s bearish structure appeared to be shifting slowly following an impressive breakout of a vital resistance line. This jerked up demand and is now looking bullish with more than 45% gains in the past 24 hours.
A few weeks after the launch on major exchanges in May, which led to a rise in the demand level, NOT rallied by almost 6x near $0.03 in two weeks and quickly lost buzz due to exhaustion in buying.
The price dropped and it entered a short-term bearish mode following a lower low and lower high formation to $0.00915 this Friday. A rejection occurred and the price level produced support.
Following a quick recovery in the entire global market cap above $2 trillion, the price bounced back and closed well above the psychological $0.01 level yesterday with a further surge to $0.0154 earlier today.
That surge led to a break above the vital resistance trendline, which has been suppressing bullish pressure since the price started to fall in June. Holding this broken resistance trendline as support could lead to a major shift in the market structure from a short-term perspective.
Nonetheless, it is important to note that NOT is still considered bearish on the micro level. Losing the recent low could trigger another leg down to around $0.006 before initiating a reversal.
NOT’s Key Level To Watch
Source: Tradingview
Now that the price is up again, we need to consider a key pullback level. The closest one lies at the $0.013 level, followed by the aforementioned psychological level. If all these mentioned levels fail to produce a bounce, the price may roll back to $0.00915 with a potential breakdown of $0.0058.
Towards the upside, NOT currently faces a resistance at $0.0165. A flip through this resistance should fuel bigger surges to $0.0217 and $0.0266 in no time.
Key Resistance Levels: $0.0165, $0.0217, $0.0266
Key Support Levels: $0.013, $0.00915, $0.0058
- Spot Price: $0.0154
- Trend: Bullish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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