Notcoin (NOT) price rebound is likely: here's why
As of this writing, Notcoin’s price is $0.010. This is a notable fall from $0.012, which it hit on August 19 and eventually turned out to be a false breakout. But on the daily chart, the Chaikin Money Flow (CMF) has exited its stay in the negative region and jumped to the positive side.
A falling rating of the indicator, however, shows that distribution is very much present. Therefore, the opposite movement of NOT’s price and the CMF is a bullish divergence, suggesting that investors are capitalizing on the recent discount and buying the dip.
Furthermore, past performance as recent as July reinforces the bias. For instance, as shown above, NOT experienced a downtrend to $0.010 on July 5.
During the downturn, the CMF also followed. But moments after the indicator changed direction, the price also followed, eventually driving a 43% increase to $0.017.
However, this does not imply that Notcoin’s price will replicate the exact upswing. But if money continues to flow into the token, a notable rebound could be next. It also appears that traders in the derivative market share a similar sentiment.
As shown below, and supported by growing buying pressure, Notcoin seems poised to break above the bearish formation. For this breakout to happen, buyers must outpace sellers to shift market momentum.
If successful, NOT could rise to $0.013 in the short term and potentially reach $0.016. However, this outlook may be invalidated if crypto whales continue to dump the token.
