Notcoin (NOT) Price Prediction: Key Levels to Watch for the Next Surge

• Notcoin’s recent surge has caused a flurry of short liquidations, but the spot CVD remains relatively quiet.
• The volume indicators of Notcoin signal a lack of buying pressure despite enthusiasm in the Futures markets.
• Notcoin has regained its short-term bullish market structure, breaching a key resistance zone at the $0.0054 level.

Discover the latest developments in Notcoin’s market performance and what it means for traders and investors.

Notcoin’s Bullish Market Structure

Notcoin [NOT] has been trending higher recently, regaining its bullish market structure on lower timeframes. The token breached a key resistance zone at the $0.0054 level, indicating a potential shift in trend. This comes after a period of downtrend, with the token beginning to show signs of recovery over the past four days.

Volume Indicators and Market Enthusiasm

Despite the enthusiasm in the Futures markets, volume indicators for Notcoin signal a lack of buying pressure. A recent report highlighted that Notcoin had been down by more than 50% since its launch on May 16. However, the recent bullish trend shift suggests that the market sentiment might be changing.

Technical Analysis and Price Targets

The $0.00544 level, marked as the downtrend’s lower high from May 22, was breached on May 25, forming a higher low at $0.00493. This higher low indicates a bullish trend shift, with Notcoin gaining 16% since then. The $0.0058-$0.006 region could serve as a resistance zone for Notcoin. The RSI indicates strong bullish momentum on the one-hour timeframe, but the OBV has not climbed past a local session, suggesting that buying pressure is still limited.

Fibonacci Extension Levels

The next targets for buyers are the Fibonacci extension levels at $0.006, $0.0064, and $0.0068. These levels will be crucial for Notcoin to maintain its upward momentum and confirm the bullish trend.

Spot CVD and Open Interest

The spot CVD, like the OBV, has not shown significant movement, indicating that the spot market buyers are scarce. The Open Interest grew from $44 million to $61 million in the past 24 hours, with prices rising by more than 10% in the same period. This growth in Open Interest suggests bullish conviction in the Futures market, with traders willing to go long.

Short Liquidations and Market Impact

The recent surge in Notcoin’s price caused a flurry of short liquidations, driving prices even higher. However, the relatively quiet spot CVD raises concerns that the rally might be driven more by derivatives than by actual buying in the spot market. For a sustainable rally, this dynamic would need to change.

Conclusion

Notcoin’s recent price action indicates a potential bullish trend shift, with key resistance levels and Fibonacci extension targets in sight. However, the lack of significant buying pressure in the spot market suggests that the rally might be driven by derivatives. Traders and investors should keep an eye on volume indicators and market sentiment to gauge the sustainability of this upward movement.