The Notcoin price prediction was bearish after the bulls attempted a bullish breakout on Wednesday but were rebuffed from a resistance zone
climbed to the $0.01288 level on the 14th of August, but could not clear the resistance zone that extended up to $0.013. This meant the bearish market structure of NOT on the 1-day chart remained.noted that the token’s momentum was neutral, and the market was not trending strongly. The recent rejection meant the Notcoin price prediction was bearish.The dotted orange lines at $0.0147 and $0.0127 marked the two recent lower highs NOT formed on the daily chart.
The recent price bounce to $0.01288 did not break the bearish structure, since the trading session did not close above $0.0127. Additionally, the RSI was below neutral 50 and the OBV was unable to break the early August highs. This was a sign of muted momentum and a lack of buying pressure. Unless the structure flips bullishly soon, it is expected that the local lows at $0.00852 will be retested. This might pave the way for a bullish recovery.When NOT prices spiked on the 14th of August, the Open Interest rose from $84 million to $115 million. This surge showed bullish short-term conviction and speculators betting on continued gains.This did not last long, and a few hours later the OI and the spot CVD began to slump, showing seller dominance.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinionAkashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis.
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