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- Notcoin has formed a rising wedge pattern on its four-hour chart, suggesting bearish trends.
- Active addresses doubled in 24 hours, showing growing interest.
Notcoin [NOT], at press time, traded at $0.0085 after a 3.4% gain in 24 hours. The token’s gains coincided with a recovery across the broader cryptocurrency market, with most altcoins trending higher.
Despite the recent gains, NOT was still under bearish pressure after press time, after trading within a rising wedge pattern on its four-hour chart, an indication that it is losing upward momentum.
This bearish trend will be confirmed if NOT falls below the lower trendline of this pattern.
The negative Moving Average Convergence Divergence (MACD) histograms confirmed that bears were gaining control.
Moreover, the MACD line continued to trend below the signal line, showing that sellers were still in control.
Traders should watch out for a crossover of the MACD line below the zero line, as that could indicate strong bearish sentiment, which could cause a downturn.
Source: TradingView
Despite these bearish trends, the on-balance volume (OBV) indicator remains high, showing that buyers were holding their positions. This suggested that NOT could be entering consolidation.
If NOT defies these bearish trends, the price could rise to collect liquidity at $0.0104. Conversely, a drop below $0.0079 could cause a steeper drop to $0.0064.
Active addresses spike 124%
One of the factors that could drive gains for NOT is a surge in the number of active addresses.
Data from IntoTheBlock showed that in 24 hours, the active addresses on the network increased by 124% from 10,930 addresses to 24,530 addresses.
Notcoin also saw a rise in the number of new addresses, which increased from 2,340 to 3,670, indicating growing interest.
Source: IntoTheBlock
A surge in transactions also accompanied the rising address count, after transaction volumes increased from 1.57 billion NOT to 1.96 billion NOT.
Notcoin Funding Rates flip positive
On the derivatives market, traders appeared to be pricing in more gains for Notcoin due to a rise in Funding Rates, per Coinglass data.
Source: Coinglass
NOT’s Funding Rates, at press time, stood at 0.0305%, suggesting that long traders were willing to pay a premium to maintain their positions.
Read Notcoin’s [NOT] Price Prediction 2024–2025
Positive Funding Rates also suggested that more traders were betting on a further price rally.
Positive and rising Funding Rates also showed positive sentiment around a token, which could help drive buying activity, and subsequently, the price.
