Sahana Vibhute
While the market participants expected a rise in volatility levels during the weekend, the markets maintained a sluggish trend. In the meantime, Notcoin quickly gathered strength and is trying to stabilise a fine upswing, which may help fade the bullish influence over the token. Although trading activity remains below par, the hopes of the NOT price reviving a strong bullish trend towards a new ATH have not vanished.
Regardless of the current market dynamics, which is stuck within a steep bearish trend, the NOT price has displayed hopes of a healthy upswing. Ever since the rejection from the highs, the price has been trading within a falling wedge and the latest upswing has displayed hopes of a bullish breakout. The price is steadily trading along the resistance of the wedge, intending to trigger a breakout any moment from now.
While the market participants appear to be quite sure of a healthy upswing, the trade setup and the technicals suggest a bullish breakout may not be on the cards. The falling wedge is a bullish trade set but the technicals point towards a final drop before a bullish breakout. The Ichimoku cloud remains bearish, while the stochastic RSI is heading towards the upper resistance. This indicates the NOT price is preparing for a minor pullback in the short term which may drag the levels close to the lower support at around $0.016.
Besides, the MACD remains bullish as the levels are about to undergo a bullish crossover, which suggests a fresh upswing may be on the cards. As the Bitcoin price is consolidating very hard, the markets may also experience a small squeeze, including Notcoin. However, the bulls may maintain their dominance, which may initiate a fresh bullish spell in the next few days.
Now the question arises will the NOT price form a new ATH above $0.03?
The bulls appear to have faded as the buying pressure has failed to mount after the famous bull run that occurred in the past few days. However, after experiencing some drain, the bulls are believed to initiate a fresh upswing and reach a key resistance zone around $0.025. Here is when they are required to display strength, which may propel the Notcoin price towards new highs. Otherwise, the token may continue to remain consolidated within a range and display minor price actions.
