Notcoin (NOT) Breaks Downtrend, Poised for Recovery

Notcoin’s (NOT) price is currently in a downtrend but is still exhibiting bullish cues, suggesting a recovery is likely.

This comes from the change in NOT holders’ behavior as well as the shift in broader market cues.

Notcoin Investors Seem Optimistic

Notcoin’s price is attempting to secure a breakout, and this could be the likely outcome, considering the shift in investors’ sentiment. A week ago, Notcoin’s open interest experienced a significant drop, decreasing by $70 million. Despite this decline, it is starting to show signs of recovery, currently sitting at $151 million.

This recovery in open interest suggests that market participants are regaining confidence in Notcoin. The rebound indicates that traders are again engaging with the asset after the initial drop.

Notcoin Open Interest. Source: Coinglass

Additionally, the altcoin’s funding rate remains positive. A positive funding rate signifies that investors are still willing to pay a premium to hold long positions, even in the face of recent price declines. This usually happens when long contracts dominate the market.

The combination of recovering open interest and a positive funding rate demonstrates that investor sentiment towards Notcoin remains optimistic. This suggests that traders believe in the asset’s potential for future growth despite recent setbacks.