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Notcoin (NOT) is striving to start the new week on a positive note as the overall market downturn has not affected the altcoin as expected. The anticipated rise could target new peaks, but without strong upward momentum, the journey might be tough and slow.
Notcoin and the Falling Wedge Formation
Over the weekend, market participants expected increased volatility, but the market remained stagnant. Despite this, Notcoin quickly gained strength and tried to stabilize its upward trend. This rise could reduce the downward impact on the altcoin. Although trading activity remained below average, there is still hope for NOT’s price to revive a strong upward trend towards a new all-time high (ATH).
Despite the current market dynamics being bearish, Notcoin’s price showed signs of a healthy rise. Since its pullback from high levels, the price has been trading within a falling wedge formation. The recent rise gave hope for an upward trend as the price traded along the resistance of the falling wedge formation, potentially triggering a breakout soon.
While market participants are optimistic about a healthy rise, charts and technical indicators suggest that the rise might not happen immediately. The falling wedge is usually a bullish formation, but technical indicators point to one last dip before a breakout. The Ichimoku cloud maintains a bearish trend, and the stochastic RSI approaching the upper resistance indicates a possible minor pullback around $0.016.
Expectations for NOT Coin’s Rise
In a positive scenario, the MACD is about to turn bullish, indicating a potential rise. As the largest cryptocurrency Bitcoin (BTC) consolidates, the market, including Notcoin, might experience a small short squeeze. However, if the bulls maintain their dominance, a new bull run could start in the coming days.
The most important question now is whether NOT‘s price can record a new ATH above $0.03. The bulls seem weakened as buying pressure did not increase after the last bull run. However, after some consolidation, the bulls are expected to target a key resistance area around $0.025 to start a new rise. At this point, they need to show strength to push Notcoin towards new peaks. If they fail, the altcoin might remain in a consolidated range with minor price movements.
