Notcoin (NOT) Gains 23% but Meets Rejection at Key Descending Resistance
NOT price rises from Monday but gets rejected at key descending triangle resistance. What will happen next?
Key Takeaways
- NOT faces resistance after a 20% rise post-November low.
- An upward breakout could signal the start of a bull phase.
- A lower low at $0.0050 could precede further bullish movement.
Since reaching an all-time high on June 2, Notcoin (NOT) has experienced significant price fluctuations, including major downtrends and attempts at recovery.
After forming and breaking out multiple descending triangles, the token interacts with key resistance levels, sparking interest in whether it will break out or face another rejection.
NOT Price Analysis
NOT reached an all-time high of $0.030 on June 2 before entering a bear cycle that pushed its price down to $0.0095 by July 6. Although a recovery followed, it was corrective, taking the price only up to $0.017 before another decline set in.
On July 20, NOT began its next major downtrend, peaking at $0.018 during a brief sideways phase. Since then, a descending triangle pattern has developed, with the price nearing its support, reaching $0.0070 on Sept. 6.
Following its September low, NOT entered a phase of sideways movement within a horizontal range, with $0.0084 as the upper boundary. As the price neared the triangle’s apex, an upward breakout occurred.
On Sept. 27, it reached a high of $0.010, hinting at the starting bull phase after a breakout from both significant resistances. Despite the bullish outlook, NOT made a downturn, returning to the lower level of the horizontal zone.
It formed a third descending triangle, leading to a new low of $0.0055 on Nov. 4.
Since then, it has risen by over 20% and now interacts with the triangle’s resistance. Will it break out, or will it get rejected?
NOT Price Prediction
On the hourly chart, we can see that what we previously considered a WXY correction, completed on Sept. 18, got prolonged by two more waves.
The rise to its Sept. 27 high marked the completion of its second wave X, while the following descending triangle is its wave Z.
Looking at the wave structure inside the last descending triangle, we can see a three-wave move to the downside, which can be an ABC of a lower degree count until Nov. 4. That will mean its last rise to $0.0067 is the starting five-wave impulse, whose momentum should result in an upward breakout and signal a new bull phase.
Alternatively, this correction can also be prolonged by two more waves, amounting to an ABCDE correction, meaning its last rise was wave D, and a lower low of wave E is next to come.
In both cases, the breakout will not happen in this advancement, so we will see which scenario is more likely based on the depth of the current downtrend. If NOT maintains a higher low than on Nov. 4, the next uptrend will lead to an upward breakout.
But if the downtrend continues, NOT may reach a lower low of $0.0050 before it can begin a new bull phase.
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