Markets
Can Notcoin (NOT) Price Turn Breakout Into Rally?
Notcoin (NOT) price is currently in a downtrend but still showing bullish signs, suggesting that a recovery is likely.
This comes from the changing behavior of NOT holders as well as the changing broader market signals.
Notcoin Investors Seem Optimistic
Notcoin price attempts to secure a breakoutand this could be the likely outcome, given the change in investor sentiment. A week ago, Notcoin’s open interest saw a significant drop, dropping by $70 million. Despite this drop, it is starting to show signs of recovery, currently sitting at $151 million.
This resumption of open interest suggests that market participants are regaining confidence in Notcoin. The rebound indicates that traders are re-engaging with the asset after the initial decline.
Open interest in Notcoin. Source: Coin glass
Additionally, the altcoin’s funding rate remains positive. A positive funding rate means that investors are still willing to pay a premium to hold long positions, even in the face of recent price declines. This typically happens when long contracts dominate the market.
The combination of renewed open interest and a positive funding rate demonstrates that Investor Sentiment Towards Notcoin Remains BullishThis suggests that traders believe in the asset’s future growth potential despite recent setbacks.
Learn more: What is Notcoin (PAS)? A guide to the Telegram-based GameFi token
NO Price Prediction: Look for a Bounce
Notcoin Price at $0.014 Tests Downtrend line as a support level, and bouncing off it would initiate recovery. NOT would first need to break through the $0.017 barrier and turn it into a support floor.
This would confirm the bullish result, which is key to sending the Telegram token above $0.020.
Learn more: How to Buy Notcoin (PAS) and Everything You Need to Know
If the downtrend line is not secured as a support level and does not fall through it, a pullback to $0.013 is the next step. The loss of this support would invalidate the bullish thesis and extend the decline to $0.012.
Disclaimer
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