Notcoin (NOT) recently saw a substantial drop, hitting an all-time low (ATL) last week after a prolonged downward trend. However, the altcoin is now showing signs of bouncing back following its recent addition to the Kraken exchange.
The listing on Kraken led to a 21% surge in price at its peak, indicating a resurgence in investor interest.
Room for Recovery for Notcoin
The Market Value to Realized Value (MVRV) ratio for Notcoin hit a record low recently, reflecting the ongoing downtrend and the ATL. With the ratio at 0.33, it suggests that Notcoin may have hit a saturation point where further selling is less likely. This could pave the way for upward movement and a recovery from recent losses.
The low MVRV ratio implies that Notcoin is undervalued at its current price, presenting a promising entry opportunity. The positive sentiment around potential accumulation could fuel the altcoin's recovery and potentially trigger a rally in the near term.
Notcoin's general market momentum is showing signs of a turnaround. The Relative Strength Index (RSI) entered the oversold region, dropping below 30.0, historically a critical turning point for many cryptocurrencies. This oversold condition hints at a potential reversal for Notcoin as the selling pressure subsides, potentially leading to increased buying activity and a price uptick.
Price Prediction for NOT: Breaking Out
After the listing on Kraken, Notcoin's price surged by 21%, eliciting positive reactions from investors. This temporary bullish trend sparked renewed interest, although the altcoin encountered some resistance later on. Currently, Notcoin is trading at $0.0030 and is striving to establish support around $0.0031.
To sustain its recovery, Notcoin must surpass the $0.0031 hurdle, converting this resistance level into a solid support base. This breakthrough would signal the end of the descending wedge pattern and confirm a breakout, setting the stage for further upward momentum with a potential price target of $0.0040.
If Notcoin fails to breach $0.0031, it could remain range-bound below this resistance level. In such a scenario, the altcoin might stay above its ATL of $0.0021 without significant progress towards recovery, casting doubt on the bullish outlook and postponing any potential price rebound.