The price of Telegram Notcoin (NOT) has been stuck in a downtrend that has been going on for two months now.
Although the altcoin attempted to break above this downtrend line, it failed to sustain the breakout and fell below it again.
Telegram Coin’s Not-So-Impressive Growth
While the price of Notcoins has managed to rise by 15% in the last 24 hours, this has had more to do with broader market signals and less to do with demand. However, this growth changes the wind direction for Telegram coin, which seems to be turning bullish.
Notcoin’s MACD indicator is currently showing a decline in bearish momentum. This could lead to a bullish crossover in the near future. This potential shift could indicate the start of a positive trend for Telegram coin as the market begins to recover.
Read More: What is Notcoin (NOT)? A Guide to the Telegram-Based GameFi Token
In contrast, Notcoin’s funding rate fluctuates between negative and positive values. This fluctuation indicates ongoing uncertainty and mixed investor sentiment regarding the coin’s future direction.
The constant changes in the funding rate highlight the current market indecision. However, the funding rate is positive at the time of writing, indicating the dominance of long contracts.
If investor demand for price growth remains unchanged, Telegram coin may recoup recent losses.
NOT a price forecast: barriers intact
Notcoin price at $0.0118 has failed to break out of the downtrend line in the last 24 hours. The emerging bullish sentiment could push Telegram coin to attempt another breakout and test $0.0130 as a support level.
If the altcoin succeeds, it could continue the recovery it started yesterday. However, this recovery would turn into consolidation between $0.0179 and $0.0130. This has been the case since mid-June, and NOT could face difficulties in breaking through the $0.0179 resistance.
Read more: How to Buy Notcoin (NOT) and Everything You Need to Know
On the other hand, if the breakout fails and Notcoin fails to test the $0.0094 support, it could fall through this line. This would result in Telegram coin marking a two-and-a-half-month low, with the threat of falling to an all-time low of $0.0045 and nullifying the bullish thesis.
