Will Notcoin Challenge Its All-Time High Again?

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Notcoin [NOT] generated significant market buzz even before its launch. However, its debut was disappointing as its price quickly plummeted. Despite this, a potential turnaround could be on the horizon as a bullish pattern has emerged on the token’s price chart.

Notcoin’s Potential Revival

Notcoin was highly anticipated before its launch, but it failed to meet investors’ expectations as its price dropped significantly. Recently, however, the token gained bullish momentum, surging over 40% within a week.

This positive trend was short-lived, as the altcoin depreciated by over 7% in the last 24 hours. At the time of writing, NOT was trading at $0.0203 with a market capitalization exceeding $2 billion. The price drop negatively affected the token’s social metrics, with social volume decreasing and weighted sentiment remaining in the negative zone, indicating that bearish sentiments still dominate Notcoin’s market.

Nevertheless, this setback might be temporary, as a bullish pattern has appeared on NOT’s price chart. Captain Faibik, a well-known crypto analyst, recently tweeted that NOT appears to be on the verge of breaking out of this bullish pattern.

NOT has been consolidating within a bullish pattern over the last few days, and a successful breakout could potentially lead to a 67% price increase. This surge might enable the token to retest its all-time high in the near future.

Potential Trend Reversal?

Considering the bullish pattern suggesting a possible trend reversal, I examined Notcoin’s 12-hour chart to determine if it could break above the pattern in the coming days. Our analysis revealed that the MACD technical indicator showed a clear bearish crossover, indicating a potential continued price decline.

However, the Relative Strength Index (RSI) registered an upward movement, and the Chaikin Money Flow (CMF) followed a similar trend. This suggests that NOT might still successfully break above the bullish pattern.

Meanwhile, Toncoin [TON], the blockchain on which NOT is minted, has also gained bullish momentum. TON’s price surged by over 17% in the past seven days. At the time of writing, TON was trading at $7.40, with a market capitalization exceeding $417.9 billion, making it the ninth-largest cryptocurrency. It is noteworthy that TON’s exchange outflows decreased last week after spiking on June 3. This decline in buying pressure could pose challenges ahead.