Notcoin (NOT) Price Soared Over 45% Intraday Following Breakout

• Notcoin price sharply ascended gains and surged above the $0.01500 mark.
• Buyers have gained traction and succeeded in triggering the breakout.

Notcoin (NOT) recently began as a curious project in Telegram through a viral game launched to the public. Since then, it has been appreciated due to click-to-mine technology.

This week, it has given a surprising up move and revealed a falling wedge breakout on the chart. Exceeded the prompt hurdle of the $0.01500 mark, the buyers have showcased their resilience and reflected an aggressive move.

Despite the broader market bearishness, investors have shifted their attention to Notcoin and made intense longs in it.

The coin has faced retracement for the past few sessions and declined over 78% last month. Meanwhile, the coin has defied the selloff and made a fresh higher high formation, conveying the fresh beginning of a reversal.

What Fueled The Price Surge?

This week, Notcoin announced that it entered into a joint venture with a top analytics firm to create an incubator to look for the next generation of Telegram Games.

Notcoin has planned to roll out a Telegram Gaming Accelerator in conjunction with Helika, an AI-driven analytics firm.

This development activity was significantly attributed the buying presure and the coin price sprinted massively beyond limitations.

At press time, the Notcoin was trading at $0.0150 with an intraday surge of 42.36%, reflecting sharp buying momentum on the chart. It has a monthly return ratio of -28.20% and 1852% yearly, reflecting a long-term uptrend.

The pair of NOT/BTC is at 0.000000260BTC, and the market cap is $1.54 Billion. Analysts are bullish and suggest that the NOT price may stretch the bullish move and reach the $0.02000 mark soon.

Notcoin (NOT) Breaks Falling Wedge Pattern

Notcoin surprised its investors by splitting the trendline barrier of $0.01300 and unlocking a sharp rise of over 45% intraday. It is evident that the coin might resume its outperformance and could continue to soar gains in the upcoming sessions.

NOT Price Chart  Source: Santiment

The Relative Strength Index had a reading of 53 after crossing the RSI from below, which signifies a bullish move. A rising RSI conveyed the buyers’ strength and implied the potential upmove ahead.

Per the chart, the crowd sentiment data was positive, around 0.0673, and remained stable, which signified a positive stance.

Source: MarketProphit

While the z score was slightly negative at -0.2931, and the buzz score was 0.93, it cleared that the crowd looks more attentive and optimistic about NOT’s upcoming moves.

@CryptoFaibik, in his tweet, said that NOT has unveiled a breakout and is ready for a 2x surge ahead.

$Not has broken out of the beautiful Descending channel..!!

Expecting 2x Bullish Rally.. #Crypto #NOT #NOTUSDT pic.twitter.com/pPOT3bCoqz

— Captain Faibik (@CryptoFaibik) July 7, 2024

CryptoFaibik’s Tweet on NOT breakout |  Source: X

Santiment Data indicated that the percentage of stablecoins total supply held by the whales climbed from $54 Million to $56 Million this week. 

This incremental move hints at the whale accumulation and implies the long position holders’ confidence to lift the asset price.

Whale Supply Data | Source: Santiment

Moreover, the open interest data revealed massive additions of long positions. An intense rise of over 91.02% to $200.29 Million in the last 24 hours was noted.

This sharp, long buildup activity signals whale buying activity and confirms that the coin is ready for a sharp potential upmove ahead.

The immediate support levels for the Notcoin are $1.80 and $1.30, whereas the key upside hurdle is around $2.40, followed by $3.

NOT Skyrockets Over 45%: Are Sellers Trapped?

The Notcoin price climbed above the 20-day EMA mark, revealing a sharp surge in the intraday session. Meanwhile, the bear cartel looked trapped and had covered their positions.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.