Potential Recovery on the Horizon: Notcoin Eyes Breakout From 2-Month-Old Downtrend

Notcoin MACD. Source: TradingView

The reason NOT’s rise was subdued is the broader market cues and the recent surge in short-term investors. Towards the beginning of last week, short-term holders’ dominance rose from 24% to 38%.

This is a bad sign as these investors tend to hold for less than a month, making them susceptible to selling. Their domination above 25% is a bearish signal.

However, on the flip side, it has now dropped to 23%. This change could positively impact the price of the altcoin.

Notcoin Supply Distribution. Source: IntoTheBlock

NOT Price Prediction: Rise Ahead

By the looks of it, Notcoin’s price could now initiate a recovery rally, as this downtrend has subdued the altcoin’s rise in the past. A confirmation sign of the initiation of recovery would come once the NOT token manages to flip $0.013 into support.

This line has been tested for support and resistance multiple times, making it a critical level. Breaching it would enable a further rise in Notcoin’s price, potentially sending it to $0.015.