The crypto markets are juggling within a narrow range, which has been a strong resistance and support range. Meanwhile, Notcoin broke out of the consolidated zone with a rise of over 280% in the trading volume, elevating the levels beyond $0.0035. The price has risen above the buying zone, similar to that of BinaceCoin price rally, which suggests the NOT price may test the higher resistance before undergoing a correction.
Is the NOT price rally a short-lived one? Will the bears squeeze out the profits after rising above a certain resistance?
NOT price was trading within a falling wedge before undergoing a breakout after the rounds of Kraken exchange announced its listing. Soon after this, the trading volume surged from around $80 million to as high as $250 million in a few hours. This suggests the traders have begun to exchange their hands on the token, which may soon fade off. The latest drop in the prices suggests they may have even squeezed out some profits.
What’s next with the NOT price rally?
The above chart shows a clear bullish divergence in the NOT price, which may raise hopes of a bullish continuation. Furthermore, the continuation has not yet been validated; as indicated by the Bollinger band pattern, there remains some capacity for bearish pressure to be exerted. Therefore, until the bands do not squeeze, the price may hover around the average range of the Bollinger.
On the other hand, the RSI has triggered a bullish breakout above the descending trend line after bouncing off from the oversold range. Meanwhile, a validation could occur after rising above the average range at 50, which would squash the bearish possibly as the Notcoin may then secure levels above $0.004. Otherwise, the price is expected to face more bearish action and drop below $0.003.
As the volume has been spiking at frequent intervals, it suggests the traders are vigilant over the Notcoin (NOT) price action, which may prevent the token from excess bearish activity.
