- NOT stagnated near $0.12 as demand and inflows flattened
- However, +10% potential gains would be at stake if $0.014 is retested
Apart from the overall market rebound, native tokens of projects linked to Telegram and The Open Network (TON) benefitted from Toncoin’s listing on Binance. The clicker game Notcoin [NOT] was no exception.
NOT jumped and posted gains of 15%, tapping $0.012 on the listing day – 8 August. However, the price action has somewhat stagnated since then. What’s next for the viral Telegram game now?
NOT – Key levels to watch
Source: NOT/USDT, TradingView
On the 12-hour chart, $0.01 has been acting as key support for the past two months. It was a key price interest for bulls because it doubled as a bullish order block (OB) and aligned with the 76.8% Fib level.
On the upper side of the price action, the immediate bullish target was the 61.8% Fib level ($0.014) and the 50% Fib level ($0.016). The 50% Fib level was a crucial short-term supply because it blocked any extra upswing in July.
So, where could NOT head next?
At the time of writing, the price chart indicators were neutral and didn’t favor either an uptrend or a downtrend. This was underlined by sideways movement on the RSI (Relative Strength Index) and CMF (Chaikin Money Flow), which were near their average levels. It meant demand and inflows flattened.
However, an extra pump to the immediate bullish target at 61.8% ($0.014) remains likely. That would translate to +10% potential gains.
The extra upswing thesis can also be corroborated by an uptick in Open Interest (OI). The OI jumped by about 10%, rising from $80 million to over $90 million on 10 August. This suggested that more liquidity flowed into NOT’s Futures market and could fuel the recovery.
Source: Santiment
Despite the overall bullish sentiment reading based on the uptick in OI, NOT’s weighted sentiment dropped lower into negative territory.
Previous extra dips of the weighted sentiment slowed NOT’s price recovery, and a similar scenario would delay the retest of $0.014.
Read Notcoin Price Prediction 2024-2025
Source: Santiment
In conclusion, NOT has benefitted from a double catalyst – An overall market rebound and interest in Telegram projects after the Toncoin listing on Binance. While recovery and a likely retest of $0.014 remains likely, pending negative sentiment over the weekend could delay such a scenario.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
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