Nov 11, 2024 12:05
The Notcoin price has been in red-hot form in the past day, and a popular crypto analyst on the X platform has offered an exciting update on his bullish prognosis for the altcoin. Is The Price Of NOT Making A Comeback? In a November 5 post on X, prominent crypto pundit Ali Martinez put forward an interesting bullish prediction for the price of Notcoin over the coming weeks. According to the analyst, the Telegram-based altcoin is primed for a rally before the close of 2025. This bullish projection is based on the formation of a falling wedge pattern on the NOT daily price chart. The falling wedge pattern is a technical analysis pattern that often consists of two converging trend lines; one connecting the price highs and lows. Related Reading: Chainlink Hits $13.5 For The First Time Since July Smart Money Accumulation? The wedge formation, which could be of the rising or falling modality, can signal the reversal or continuation of a price trend, respectively. However, the signal depends on the direction in which a break out of the wedge occurs. Specifically, the descending wedge pattern is formed by prices sliding in a downward trend, and a successful breach of the upper trend line would confirm a trend reversal. On the other hand, a continuation signal can be spotted if the price breaks beneath the falling wedge. As highlighted in the chart above, the Notcoin price has been in a falling wedge pattern over the past few months, suggesting that the downward trend is losing momentum. However, Martinez noted that the altcoin would need to breach a major resistance level at $0.007 to break out of the wedge. In a November 9 update, the price of NOT appears to not have only broken the $0.007 resistance but also out of the falling wedge pattern. While this bodes well for the altcoins price over the next couple of weeks, investors might want to watch the close of the weekly candle above $0.07. If the next few weeks do play out as Martinez has postulated, investors could see the Notcoin price to among its highs of July. Martinez pinpointed $0.012 as the target for the altcoin, which would represent a 78% rally from the current price point. Notcoin Price At A Glance As of this writing, the NOT token is valued at around $0.0076, reflecting an almost 25% increase in the past 24 hours. This sudden burst of bullish momentum places the Telegram-based token amongst the best performers in the past day. Related Reading: Bitcoin Realized Cap At All-Time High As Price Hits $77,000 For The First Time Featured image from Pexels, chart from TradingView
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