With meme coins being the superstars of this bull market, the meme coin from Telegram gave an impressive performance. Launched last month, the Notcoin shows is up by more than 2000% from the launch price of $0.001003.
However, the ongoing pullback over the past few days has dropped the meme coin by 20%. Will the NOT price rally continue with a bullish turnaround to hit the $0.050 psychological milestone this June?
Notcoin Tests The $0.020 Support
With a massive high momentum uptrend in motion, Notcoin stands as a trending meme coin in this market. In the bull run, the Notcoin price is up by 47% in the last 30 days and has surpassed a market cap of $2.195 Billion.
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However, the bullish trend takes a pause as the uptrend hits the peak of $0.029, leading to a price drop to the $0.020 level. This support has provided multiple bounce-backs in the Notcoin price, teasing a double bottom reversal in the 4H chart.
Currently, the Notcoin price trades at $0.021, with an intraday jump of 1.06% with lower price rejection teasing a comeback. As the lower price rejection becomes clear near the $0.020 support level, the bullish reversal possibility is on the rise.
Technical indicators:
RSI Indicator: The 4H RSI line shows a declining trend crossing under the halfway line, reflecting a weakness in bullish momentum.
Will NOT Price Hit $0.050?
With the Notcoin price dropping below the 2.618 Fibonacci level, the bullish dominance at the $0.020 mark is under stress. However, with the sideways shift in the pullback phase, the buyers are preparing a double-bottom reversal in the 4H chart.
Despite the lack of RSI divergence, the overall bullish sentiment with the prevailing uptrend offers a reversal possibility. Hence, with a bullish reversal and the broader market recovery, the sideline traders can witness the Notcoin price reaching $0.050.
