Notcoin (NOT) Price Jumps 13% After Consolidating Within Horizontal Range
NOT price jump 13% today, breaking out from the horizontal resistance. As it previously also broke out from descending triangle a bull phase could have started.
Key Takeaways
- NOT broke above the descending triangle, hinting at a possible bullish reversal.
- Wave three could reach $0.0090 if the current trend continues.
- A five-wave pattern confirmation would indicate sustained bullish momentum.
After a corrective rise, Notcoin (NOT) has experienced significant price action, forming a descending triangle.
The recent breakout above the resistance could signal the start of a new bull phase. However, confirmation is needed to anticipate further upward movement.
NOT Price Analysis
NOT made its all-time high of $0.030 on June 2. It then started its bear cycle, decreasing to $0.0095 on July 6.
A recovery followed, but it was corrective, only bringing the price up to $0.017 before another downturn started.
The price of NOT began its next major downtrend on July 20, reaching a high of $0.018 after a sideways movement.
Since then, a descending triangle has formed, and the price is nearing its support level. On Sept. 6, it fell to the $0.0070 area.
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Since its September low, we have seen sideways movement, with a horizontal range forming, with $0.0084 being its upper level.
As the price approached the apex of the descending triangle, a breakout to the upside was seen.
From today’s opening of $0.0078, NOT jumped 13%, measured to its high of $0.0088, going past the horizontal resistance, but it quickly fell back and is currently being traded at $0.0083.
Despite the pullback, we could have seen the first sign of a staring bull phase as the breakout above the descending triangle occurred.
NOT Price Prediction
Looking at the hourly chart, the rise from Sep. 18 to 20 is likely its first sub-wave of the starting five-wave impulse to the upside, with its subsequent retracement to Sept. 22 being its second.
That leaves the latest uptrend since then to be its wave three, with slightly more room to the upside before it is fully developed.
Another minor higher high to the $0.0090 area will validate this outlook as that would mean wave three reached its optimal 1.618 Fib extension level.
If this happens, another pullback for wave four should retest the broken resistance for support before another higher high to the $0.010 level concludes a five-wave pattern.
Forming this five-wave pattern will be the first significant sign of a coming bull phase. But the second should be awaited as the first higher low in this structure.
Only after NOT clears the first impulse and the first correction for a higher low can we anticipate a sustained period of upward price action. This could lead to an increase above $0.010.
Read more: Notcoin Price Prediction 2024
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