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Telegram coin Notcoin (NOT) price has been stuck moving under a downtrend that has kept NOT subdued for two months.
While the altcoin attempted to breach this downtrend line, it failed to sustain the breakout and fell back under it.
Telegram Coin’s Not-so-Impressive Run
While Notcoins’ price managed to rise by 15% in the last 24 hours, it had more to do with the broader market cues and less with demand. However, this rise is changing the winds for the Telegram coin, which seems to be turning bullish.
Notcoin’s MACD indicator is currently showing a reduction in bearish momentum. This may lead to a bullish crossover in the near future. This potential shift could indicate the start of a positive trend for the 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 has been oscillating between negative and positive values. This fluctuation points to ongoing uncertainty and mixed investor sentiment regarding the coin’s future direction.
The continuous changes in the funding rate highlight the current market indecision. Nevertheless, the funding rate is positive at the time of writing, suggesting the domination of long contracts.
If investors’ demand for a price rise remains intact, the Telegram coin could recoup its recent losses.
NOT Price Prediction: Barrier’s Intact
Notcoin’s price at $0.0118 failed in an attempt to breach the downtrend line over the last 24 hours. The emerging bullishness could push the Telegram coin to attempt another breach and a test of $0.0130 as a support level.
If the altcoin succeeds in doing so, it could continue the recovery it initiated yesterday. However, this recovery will turn into consolidation within $0.0179 and $0.0130. This has been the case since mid-June, and NOT may find difficulty breaching the resistance of $0.0179.
Read More: How To Buy Notcoin (NOT) and Everything You Need To Know
On the other hand, if the breach fails and Notcoin fails to test the support of $0.0094, it could fall through this line. As a result, the Telegram coin would mark a two-and-a-half-month low, with the threat of falling to the all-time low of $0.0045 and invalidating the bullish thesis.