Notcoin breaks out of a falling wedge indicating a potential 76% upswing.
Over the past month, Notcoin [NOT] has experienced a strong upswing. After reaching a local high of $0.0092, the altcoin saw a sharp decline hitting a local low of $0.0055.
However, since then, NOT has seen nearly a week of a strong upward movement.
In fact, as of this writing, Notcoin was trading at $0.007473. This marked a 13.98% rise over the past day. Equally, the altcoin has gained on weekly and monthly charts by 24.55% and 2.0% respectively.
Amidst this price upsurge, trading activities have soared with trading volume hiking by 297.52% to $522.11 million.
The current price action and market conditions have left analysts talking. One of them is the popular Crypto analyst Ali Martinez who has suggested a potential 76% price upswing.
In his analysis, Martinez argued that NOT has broken out of the falling wedge. With the breakout, the altcoin could see a 76% price increase to reach $0.012 for the first time since August.
In context, a breakout from the falling wedge pattern, which is a bullish reversal setup usually signals a shift in trend from bearish to bullish.
This move indicates that buying pressure has overtaken selling pressure, setting the stage for further price gains.
The analysis was further validated by the surge in trading volume as we observed earlier, as it indicates stronger buyer interest with a strong upward momentum.
This upward momentum is further evidenced by the fact that Notcoin's Advance Decline Ratio (ADR), has remained above 1 over the past six days.
Thus, buyers were in control, and market sentiment was overall optimistic.
Additionally, Notcoin's Number of large transactions has surged by 833.3% over the past week. This shows that large holders and whale activities are very high especially accumulation.
Thus, the current rally is driven in parts by large holders who are actively accumulating.
Finally, Notcoin's daily active addresses have surged over the past week from a low of 12.84k to 28.97k.
This implies that the rally is not only driven by large holders but strong fundamentals, and it's not from mere speculative investments.
Read Notcoin's [NOT] Price Prediction 2024-2025
As observed above, Notcoin is experiencing a strong upward momentum. After a breakout from the falling wedge pattern and positive market sentiment, these conditions could set the altcoin for further gains.
As such, if these conditions are maintained, NOT will hit $0.0092 in the short term.