Over the past 24 hours, Notcoin (NOT) has been grappling with resistance levels that continue to hinder its recovery attempts. Trading at $0.00746 NOT has seen a surge of 1.47%, but the real story lies in the ongoing battle between bulls and bears within a defined trading range. The question now is whether the bulls can gather enough momentum to push the price above crucial resistance levels.
Resistance Levels and Moving Averages: The Battle Continues
Notcoin’s price action is currently confined to a descending channel that has been guiding its movement over the past few days. The upper boundary of this channel, around $0.00775, has acted as a stubborn resistance level, with the price failing to close above it in recent attempts.
The exponential moving averages (EMAs) offer further insight into the token’s struggles. The EMA 20, 50, and 100 are all aligned in a bearish formation, signalling that the overall trend remains downward. To see a reversal, the bulls would need to push the price above the EMA 100 at $0.00775, with a clear break above $0.00813 (EMA 200) needed to confirm a bullish reversal.
Read article: What’s Next for Dogecoin? Exploring the Foundation’s Trailmap Progress
Average Sentiment Oscillator (ASO): Bullish Momentum Brewing?
Interestingly, the Average Sentiment Oscillator (ASO) hints at the possibility of bullish momentum brewing. With the blue line at 53.09815 and the red line at 46.90185, there’s an indication that buyers are gradually gaining strength. However, the signal is still weak, and a crossover would be needed to confirm a shift in momentum.
If the blue line crosses above the red, it could act as a catalyst for a bullish breakout. For now, traders should watch for this potential signal, as it could be an early indicator of a shift in market sentiment.
Important Levels to Watch
In the coming hours, key levels to watch include the upper boundary of the descending channel at $0.00775 and the critical resistance level at $0.00813. If the price breaks above these levels, it would signal that the bulls are back in control, potentially leading to further upside momentum. Conversely, failure to surpass these resistance levels could result in the price continuing its downward trajectory. Therefore, traders should remain vigilant.
Moreover, keeping an eye on the channel’s lower boundary is essential, as a break below this point could trigger a further decline towards $0.00700 or even lower. Although Notcoin is currently facing significant resistance, there are signs that bullish momentum may be building. Consequently, traders should closely monitor key levels and indicators to gauge the next move better. Ultimately, whether the bulls can regain control will depend on their ability to break through the critical resistance levels that have been capping the price.
