Notcoin (NOT) Price Prediction: Will NOT Hit $0.01 Mark Soon?

Over the past 2 weeks, Notcoin [NOT] has made considerable gains breaking out from a falling wedge on a daily time frame.

Notcoin [NOT] has made significant gains over the past 2 weeks, breaking out from a falling wedge on a daily time frame. At the time of writing, NOT was trading at $0.008772, showcasing a 5.22% surge over the past month.

This bullish trend is also evident on weekly charts, with the coin hiking by 14.45%.

After making a low of $0.0069 on 18th September, the altcoin saw 9 consecutive surges before declining again. However, the past 24 hours have seen a 2.09% decline.

Despite the decline on the daily charts, the overall market gains over the past week outshine the losses.

Notcoin’s bullish outlook is driven by several factors

Rising market sentiment

The recent upsurge has left analysts betting big on the altcoin’s future. In fact, popular crypto analyst Ali Martinez has suggested an upcoming 12.50% upswing.

In his analysis, Martinez highlighted Notcoin’s breakout from a falling wedge pattern on hourly charts.

According to the analyst, a breakout from this level will result in a 12.50% surge, driving NOT’s prices to $0.009868.

To put this into perspective, a breakout from this pattern suggests that selling pressure is weakening and buyers are entering the market to drive the prices up, signaling a shift in momentum from bearish to bullish, which further increases the possibility of the price upsurge.

Now, let’s see what other fundamentals have to say about Notcoin’s future.

Strong buying pressure

Notcoin’s funding rate aggregated by asset has remained positive over the past week. A positive funding rate aggregated by assets suggests that Notcoin is experiencing upward price movements more often than it has experienced downward movements.

Therefore, this indicates that buyers are regularly outpacing sellers in the market, signaling investor confidence in the asset’s future value.

Higher demand for long positions

NOT has experienced a higher demand for long positions than short positions, which is indicated by a sustained positive funding rate aggregated by exchange.

It signals investors are optimistic about the future value and anticipate further gains, which makes them pay a premium fee to hold those positions.

Whale ownership

Finally, the market is showing higher stability as Whales have extended ownership than others. As such, large holders own 66.69% of the token supply, indicating total dominance over retail traders and investors.

A whale-dominated market is less prone to speculative selling, as whales and institutions are experienced and don’t follow news or emotions to make sales.

With whales having a higher demand for the altcoin, it shows they are confident in the altcoin and anticipates further gains.

Therefore, the current market conditions could set Notcoin for further gains. With a strong upward momentum supported by positive market sentiment, NOT will reach $0.01229 in the short term.