Notcoin (NOT) nears breakout, eyes $0.030 price level
Key Takeaways
- Notcoin (NOT) is on the verge of a potential breakout from a falling wedge pattern.
- Technical indicators such as RSI and MACD suggest a positive price movement.
- On-chain data shows mixed signals, but positive indicators outweigh the negative ones.
- A potential short squeeze could further drive the price upward.
Notcoin Approaches a Critical Breakout Level
Notcoin (NOT) is currently displaying a promising chart pattern known as a “falling wedge.” This pattern often signals a trend reversal, raising hopes for an imminent price surge. In the last 24 hours, NOT’s price increased by 12.89%, reaching a value of $0.008007 USD at the time of publication.
If the breakout is successful, the price could initially climb to the resistance level at $0.01222 USD. A successful break through this level could pave the way for a long-term price target of $0.030 USD. This represents a potential 251% price increase, drawing the attention of investors.
Positive Signals from RSI and MACD
Technical indicators support the optimistic outlook. The Relative Strength Index (RSI) is currently at 63.27, indicating positive price momentum without the market being overbought. This suggests there is still room for further price gains before a correction is likely.
Additionally, the Moving Average Convergence Divergence (MACD) has delivered a bullish crossover signal. In this case, the MACD line has crossed above the signal line, indicating increased buying interest. This setup reinforces the expectation of an impending breakout.
Mixed On-Chain Data for Notcoin
The analysis of on-chain data provides both positive and negative insights. The network growth indicator has decreased by 0.56%, indicating a lower number of new users—a potentially bearish signal. On the other hand, the “In the Money” indicator has risen by 1.83%, meaning more investors are currently in profit. This could strengthen confidence in the token.
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Additionally, the number of large transactions has increased by 8.56%, suggesting heightened interest from institutional investors or large holders. Despite a slight decline in concentration (down 0.11%), most on-chain data points to a positive trend.
Liquidation Data Suggests Possible Short Squeeze
A look at liquidation data shows that more short positions than long positions are in play. In total, $352,910 USD in short positions and $268,520 USD in long positions have been liquidated. This suggests that many traders are betting against a price increase for Notcoin. However, if the token breaks out, it could lead to a short squeeze, where short positions are forced to close, driving the price higher.
On Binance, interest in long positions is particularly strong, with $149,610 USD in longs, while short positions dominate on other major exchanges. This setup could lead to rapid price movements.
Our Assessment
Notcoin is currently showing a promising chart formation, supported by technical indicators like RSI and MACD. The mixed on-chain data leans towards a more positive outlook, especially with increased interest from large investors. A breakout above the resistance level at $0.01222 USD could pave the way for further gains up to $0.030 USD. A potential short squeeze could accelerate this process further.
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