Key Points
- Notcoin (NOT) is among the top gainers in the last 24 hours.
- Approximately 70% of addresses holding NOT are profitable.
- NOT has gained over 12% in the last 24 hours.
- Trading volume surged by more than 83%.
- Volume-to-market-cap ratio stands at 15%.
- Price action shows consolidation within a falling wedge pattern.
- Potential breakout could lead to a 153% gain.
- Open Interest (OI) Weighted Funding Rate indicates bullish sentiment.
- Key price zone to watch is between $0.007360 and $0.007582.
Recent Performance and Market Position
Notcoin (NOT) has recently emerged as one of the top gainers in the cryptocurrency market, showcasing a remarkable performance over the last 24 hours. The coin has surged by over 12%, solidifying its position as a leading asset on the TON blockchain. This impressive gain has caught the attention of traders and investors alike, making NOT a focal point in the crypto community.
At the time of writing, NOT is trading at $0.008112, reflecting a significant increase in trading volume by more than 83%. This surge in volume has resulted in a 15% volume-to-market-cap ratio, indicating robust liquidity. Such liquidity is crucial for maintaining the coin’s momentum and attracting more investors, especially as the market heads into the final quarter of the year.
Technical Analysis and Price Patterns
The price action of Notcoin reveals a consolidation phase within a tight falling wedge pattern, a formation that has been developing since the coin’s early days post-launch. The lower trendline of this pattern has acted as a strong support level, being tested and rejected four times. Interestingly, during the fourth leg down, the price did not touch the lower trendline, suggesting early buying interest and hinting at a potential reversal.
If NOT manages to break above the upper trendline of this falling wedge pattern and sustain its position, it could reclaim the $0.014270 level. This would represent a substantial 153% gain, provided market conditions remain favorable. Such a breakout could signal the beginning of a recovery phase, with traders eagerly anticipating further upward momentum once the consolidation phase is cleared.
Sentiment and Funding Rates
An analysis of additional metrics, such as the Open Interest (OI) Weighted Funding Rate, reveals a shift in market sentiment towards a bullish outlook. The current reading stands at 0.0072%, indicating that long positions are now willing to pay shorts. This shift supports the bullish sentiment for NOT and adds further confluence to the possibility of a breakout above the falling wedge pattern.
As the Funding Rates turn favorable, bullish momentum is likely to gain traction, driving the price higher. This change in sentiment is a positive indicator for traders and investors, suggesting that the market is gearing up for a potential rally.
Profitability and Key Price Zones
Examining the in/out of the money around the current price reveals that approximately 70% of addresses holding NOT are profitable, while only 30% are out of the money. This ratio indicates that traders are likely to hold their positions, aiming for further profits as bullish sentiment strengthens during the fourth quarter.
The key price zone to watch is between $0.007360 and $0.007582, where the majority of profitable addresses are concentrated. With 248,000 addresses holding 3.76 billion NOT in this range, this zone presents an ideal entry point for traders looking to capitalize on a potential breakout.
Conclusion
Notcoin’s recent performance, combined with favorable market conditions and strong technical indicators, suggests that a breakout from the current consolidation pattern is possible. If this occurs, the potential for NOT to reclaim higher price levels, such as $0.014270, is within reach. With increased liquidity and a bullish sentiment building, the next few weeks will be crucial for NOT’s future trajectory. Traders and investors should keep a close eye on the key price zones and market sentiment to make informed decisions.
