Notcoin (NOT) has garnered attention on Telegram in recent months by paying for clicks and creating a buzz. Despite a current downward trend, there is potential for a rise in Notcoin’s price due to changes in investor trading preferences and broader market movements.
Current Status of Notcoin
Investor changes suggest a possible price increase. About 7 days ago, Notcoin’s Open Interest dropped by $70 million, sparking concern. However, a recovery has since begun, and it now appears to have risen back to $151 million. This rise in open interest indicates a recovery in confidence among Notcoin investors, showing that traders are returning after the initial decline. Additionally, the funding rate, a key indicator in the futures market, remains positive, demonstrating that investors are still taking long positions despite recent price drops.
NOT Price Outlook
At present, Notcoin’s price remains above the $0.014 level, which is considered a support level and has been tested. Moving away from this level could trigger a price increase. The primary price target for NOT is seen as the $0.017 resistance, which may turn into support once surpassed. The $0.017 region acts as a barrier to reaching above the $0.020 level. If the price fails to rise, the first support is at the $0.013 level, and the decline could deepen, dropping the price to $0.012.
Disclaimer:
The information in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
