Notcoin

bullish

Bitcoin

Notcoin price soared 30% on Tuesday, outshining other major altcoins during a relief rally. As Bitcoin staged a notable rebound from the psychological $50,000 level, selling pressure on Notcoin eased significantly. During this pullback, most major altcoins experienced a resurgence in demand, highlighting the traders’ persistent inclination to buy the dip. 
Also Read: <a href="https://coingape.com/markets/bitcoin-cash-price-eyes-400-as-market-rebounds-peaks-whats-next/">Bitwise Bitcoin ETF: $40B Wealth Manager Taps BITB For BTC Investments</a> 
<h2 id="b-notcoin-price-rebounds-amid-double-bottom-pattern-b">Notcoin Price Rebounds Amid Double Bottom Pattern</h2> 
&nbsp;Since late July, Notcoin price trajectory on the daily chart has been decidedly bearish, highlighting strong seller dominance. This downturn saw the asset plummet from $0.018 to a low of $0.0085, representing a 52% decline. 
However, the falling price witnessed renewed demand pressure at $0.0091, which supported the 93% rally in early July. As market conditions stabilized, Notcoin price sharply recovered to $0.012, simultaneously boosting its market capitalization to $1.274 billion. 
According to Coinglass, this price surge triggered the liquidation of $751.1K in short positions, introducing a wave of uncertainty among traders. A more detailed examination of the daily chart reveals this reversal as a potential <a href="https://coingape.com/glossary/double-bottom-pattern/">double-bottom pattern</a>, often indicative of a market bottom. 
<figure id="attachment_211250" aria-describedby="caption-attachment-211250" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-211250" src="https://coingape.com/wp-content/uploads/2024/08/image_2024-08-07_02-27-10.png" alt="NOT Total Liquidations Chart" width="1547" height="452" srcset="https://coingape.com/wp-content/uploads/2024/08/image_2024-08-07_02-27-10.png 1547w, https://coingape.com/wp-content/uploads/2024/08/image_2024-08-07_02-27-10-300x88.png 300w, https://coingape.com/wp-content/uploads/2024/08/image_2024-08-07_02-27-10-1224x358.png 1224w, https://coingape.com/wp-content/uploads/2024/08/image_2024-08-07_02-27-10-768x224.png 768w, https://coingape.com/wp-content/uploads/2024/08/image_2024-08-07_02-27-10-1536x449.png 1536w, https://coingape.com/wp-content/uploads/2024/08/image_2024-08-07_02-27-10-150x44.png 150w" sizes="(max-width: 1547px) 100vw, 1547px">
 <figcaption id="caption-attachment-211250" class="wp-caption-text">
 NOT Total Liquidations Chart | Coinglass
 </figcaption>
</figure> 
The Relative Strength Index (<a href="https://coingape.com/glossary/rsi-relative-strength-index/">RSI</a>) has risen from the oversold territory to 46%, bolstered by increased demand for the altcoin at lower prices. Should this pattern persist, Notcoin might see a 44% increase before encountering significant resistance at $0.18. 
<img decoding="async" src="https://s3.tradingview.com/snapshots/y/ylN4grdI.png" alt="KUCOIN:NOTUSDT Chart Image by sahilmahadik07"> 
However, derivative market data show substantial losses in Notcoin’s open interest (OI) in the first week of August. The OI metrics dropped from $142.15M to $88.8M, registering a loss of&nbsp; &nbsp;37.5%. This significant decline in OI data indicates waning investor confidence and a potential decrease in market activity. 
Also Read: <a href="https://coingape.com/crypto-market-recovery-steep-correction/">Crypto Market Recovers As Japan’s Nikkei Stock Index Rises 12%</a> 
<img decoding="async" class="size-full wp-image-211249" src="https://coingape.com/wp-content/uploads/2024/08/image_2024-08-07_02-26-45.png" alt="NOT Futures Open Interest" width="1540" height="436" srcset="https://coingape.com/wp-content/uploads/2024/08/image_2024-08-07_02-26-45.png 1540w, https://coingape.com/wp-content/uploads/2024/08/image_2024-08-07_02-26-45-300x85.png 300w, https://coingape.com/wp-content/uploads/2024/08/image_2024-08-07_02-26-45-1224x347.png 1224w, https://coingape.com/wp-content/uploads/2024/08/image_2024-08-07_02-26-45-768x217.png 768w, https://coingape.com/wp-content/uploads/2024/08/image_2024-08-07_02-26-45-1536x435.png 1536w, https://coingape.com/wp-content/uploads/2024/08/image_2024-08-07_02-26-45-150x42.png 150w" sizes="(max-width: 1540px) 100vw, 1540px"> 
NOT Futures Open Interest | CoinglassMoreover, the potential confluence of the 20- and 50-day Exponential Moving Average (<a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMA</a>) around the $0.0133 mark creates significant resistance against buyers, hindering potential upswing efforts. 
Thus, if the price breaks below the $0.0091 support, the bullish thesis will be invalidated. The post-breakdown fall could plunge the asset 52% to seek support at the $0.0045 level. 
The post <a href="https://coingape.com/markets/notcoin-price-30-double-bottom-correction-over/">Notcoin Price Soars 30% as Double Bottom Pattern Emerges; Correction Over?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Notcoin Price Soars 30% as Double Bottom Pattern Emerges; Correction Over?

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