TradeCityPro | NOT: Riding the Telegram Crypto Wave👋 Welcome to TradeCityPro! In this analysis, I want to discuss the NOT coin, a project in the Telegram space part of the Tap To Earn category that gave its airdrop to users a few months ago. Following its launch, it experienced significant growth due to the hype it created.
📅 Daily Timeframe: Hidden Trendline
After the token launch and price pump reaching a resistance at 0.022602, the market entered a bearish phase. The price has been declining along a downward trendline, breaking down to 0.005699 after dropping past 0.010029.
🔍 Currently, the price is ranging in a box between 0.005699 and 0.010029, where the downward trendline is also defining the price floors, and the price is reacting to it.
📊 The market volume has significantly decreased since reaching the ATH, but during the bullish legs from the box's floor to its ceiling, the volume was higher, suggesting that the bullish momentum in the market might be stronger than the bearish.
📈 The first price trigger for buying is breaking the resistance at 0.006862, which is considered a risky trigger. If you are a risk-taker, you might consider opening a long position at this trigger. The main trigger for a long position will be at 0.010029.
🔽 For short positions, the most crucial support is at 0.005699, with the next area being 0.004733, which is the fundamental floor for the price. However, in my opinion, the support at 0.005699 will be more critical for the price.
✨ The RSI oscillator has clearly defined its triggers for shorts and longs. Breaking 50 on the RSI is a good confirmation for going long, and breaking 30 is suitable for shorts.
📝 Final Thoughts
This analysis reflects our opinions and is not financial advice.
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