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Notcoin Price Spikes 6% But Still Within Descending Triangle — Will It Manage to Break It?

Last Updated 3 days ago
Nikola Lazic
Last Updated 3 days ago

Key Takeaways

  • Notcoin’s player base surged to 40 million.
  • Players earned $1.5 million across 20 campaigns.
  • NOT token value peaked, then entered the correction phase.

Notcoin, a Play-to-Earn game on Telegram, has grown significantly, with its player base reaching 40 million. Notably, players have collectively earned $1.5 million across 20 campaigns. This figure is expected to increase significantly with automated campaigns set to launch.

Moreover, the significant rise in player numbers is largely driven by a new passive earning missions program, enhancing player retention by enabling them to earn NOT tokens continually. 

The game’s native token, NOT, has recently experienced a surge, climbing 210% in the last 14 days and reaching an all-time high of almost $0.030, pushing its market cap over $2.75 billion. As it made a downturn of 40%, forming a descending triangle, it is now near its apex, with a breakout to the upside looking highly likely. 

NOT Price Analysis 

When NOT was launched on May 16, it was priced at approximately $0.012. It then entered a downtrend, hitting a low of $0.0045 by May 23. The price stabilized around this low until May 25, marking the start of its initial uptrend.

NOT
NOTUSD | Credit: Nikola Lazic/Tradingview

 

Subsequently, a five-wave pattern unfolded, with NOT’s price surging by over 170% to reach $0.012 again by May 30. This marked the first lower-degree sub-wave of a larger five-wave sequence, followed by another rally to a new peak of $0.030.

After completing the third wave, NOT entered its second corrective phase, retreating by 40% to $0.017 on June 7. This level was retested on June 9, causing an upward move of nearly 15% to nearly $0.020 today. 

Currently, it is being traded slightly lower as it made another downturn but is still sitting higher than its previous low. If it maintains above $0.017 and starts increasing again, the likelihood of an upward breakout would be high. However, if it continues moving down, NOT would likely go to its descending support again and fall slightly lower to $0.0165 at the 0.5 Fibonacci level. 

Since this descending triangle is viewed as Notcoin’s corrective phase, we expect its major uptrend to continue once it ends. Its next advancement to a new all-time high above $0.030 is highly probable. Alternatively, should the price continue its downward trajectory, it could break down to the downside and come to the 0.618 Fibonacci level at $0.014. 

Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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