- Notcoin (NOT) has recently experienced a significant bullish market structure across both lower and higher timeframes.
- The mid-week rally of NOT resulted in an impressive +100% gain when adjusted on the weekly charts.
- Notcoin’s on-chain holders have now surpassed those of popular tokens such as PEPE, SHIB, and BONK.
Discover the latest developments in Notcoin’s bullish rally and what it means for investors.
Notcoin’s Mid-Week Rally: A Closer Look
Notcoin (NOT) has been making waves in the crypto market with its recent explosive upswing. The token was up about 40% in the past 24 hours, with over 100% gains in the weekly chart. This surge has placed Notcoin alongside GameStop (GSTOP) on the CoinMarketCap trending list as of May 30th.
Technical Analysis and Market Indicators
In a recent Notcoin price analysis report, it was established that the Telegram-based Web-3 gaming token could gain an extra 38%. This projection was validated, and key technical chart indicators suggest that NOT is far from pulling the brakes on its rally.
Notcoin enjoyed strong buying pressure, as evidenced by the bullish reading of the Relative Strength Index (RSI) indicator, which stood at 74. Additionally, capital inflows surged in NOT markets from May 28th, as shown by the sharp climb above the average level of the Chaikin Money Flow (CMF) indicator. Collectively, these readings paint a bullish momentum for NOT’s price.
Future Price Predictions and Potential Pullbacks
The upswing above the 38.6% Fibonacci level ($0.0095) flipped the market structure bullish in the lower timeframe, indicating that further upside could be likely. If this trend continues, NOT could achieve an additional 14% gain if it clears its recent higher high at $0.012 (0% Fib level) in the next few hours or days.
However, liquidity heatmaps suggest that a short pullback towards the near 20-day EMA (exponential moving average) cannot be ruled out. Coinglass liquidation data showed key liquidity clusters near $0.011 and $0.013 on the 24-hour chart. Market manipulation by market makers could lead to a liquidity hunt for both levels, with the closest then the furthest from the current price level.
Derivatives Market and On-Chain Activity
The massive surge in Open Interest (OI) further cemented a strong bullish sentiment for NOT in the derivatives markets. This indicates that more capital flowed into NOT’s market, suggesting that most participants expect a further price rally. Further positive price chart traction for the token could be likely after hitting a record 1.6 million in on-chain users, surpassing even memecoins like Shiba Inu (SHIB), Pepe (PEPE), and Bonk (BONK).
Conclusion
Notcoin’s recent performance has been nothing short of remarkable, with significant gains and a strong bullish sentiment in both the spot and derivatives markets. While a short-term pullback is possible, the overall outlook remains positive, with potential for further gains. Investors should keep an eye on key technical levels and market indicators to make informed decisions.
