The NOT price appears to have risen above the bearish influence, as the levels have soared above the pattern. With over a 20% rise in just a few moments, the price soared above $0.02 despite a significant drop in volume by nearly 33%. As no specific change in volume has been recorded, it can be said that the bearish volume has faded, which has led the rally close to its previous highs.
Notcoin price was trading within a strong descending trend, printing consecutive bearish candles. After hitting the interim lows around $0.0155, the bulls quickly regained momentum and raised the levels back above $0.02. While the buying pressure has increased significantly, a rise above the interim highs could be on the horizon.
In the short term, the NOT price was trading within a falling wedge and after hitting the bottoms, the price branched through the upper resistance of the wedge. With a lower volume, the price initiated a fine upswing, suggesting it may be a fake breakout that may trap the bulls at the local highs. Although the RSI has hit the upper threshold, it is not able to enter the overbought zone, which hints towards a small pullback.
On the other hand, MACD remains within the bullish range as the buying pressure continues to mount over the crypto. Therefore, the Notcoin price is believed to consolidate between $0.0215 and $0.022 for a while, followed by the next price action. However, market sentiments are expected to flip as the trade is heading towards the end of the first half of the year. Hence, a significant upswing may begin in the first few days of H2, 2024.
