Price Analysis: Notcoin (NOT) Gains 0.77 % in the Last 24 hours; Is a Bullish Breakout Imminent?

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Despite some positive movements, including a 0.77% surge, Notcoin appears to have struggled to overcome bearish pressure over the past 24 hours. The trendlines reflect the downtrend, and several technical indicators point to potential further declines.

Technical Indicators and Analysis – Exponential Moving Averages (EMA)

At 0.01290, the 20 EMA has been at a critical resistance level. The price struggling to break above this level indicates continued bearish sentiment. Located at 0.01307, the 50 EMA (Orange) remains a significant hurdle for the bulls. The failure to surpass this EMA suggests the bears are still in control. At 0.01336, the 100 EMA represents long-term resistance unlikely to be tested soon, given the current bearish momentum.

Key support levels at 0.01253 and 0.01228 have been tested and provided temporary relief. However, a breach below these levels could lead to a more extended decline. Immediate resistance levels at 0.01307 and 0.01328 continue to cap upward movements. The price’s inability to sustain above these levels reinforces the bearish outlook.

Price Channel

The descending channel, marked by red dashed lines, indicates a downtrend. The price remains well within this channel, suggesting that the bearish trend is intact. Any attempts to break out have been met with selling pressure.

Trading volume analysis must show more significant buying interest, indicating a 0.57% dip. The momentum indicators likely show bearish divergence if analysed, reinforcing the downward trend. For instance, the RSI and MACD indicators suggest bearish momentum if in alignment.

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Conclusion

In summary, the technical indicators and price action for Notcoin (NOT/USDT) suggest a bearish trend in the near term. Traders should be cautious of a potential decline if the price fails to break above the 20 and 50 EMAs, acting as significant resistance levels. Key support levels to watch are 0.01253 and 0.01228; a fall below these could accelerate the downtrend. As the price remains within the descending channel, the bearish outlook seems dominant, making it advisable for traders to consider short positions or await more definitive bullish signals before entering long positions.