Journalist
Posted:
- NOT has surged by 19.15% over the past seven days.
- Notcoin’s whale activity has soared with transactions hiking by 433% while inflow has risen by 242%.
Since hitting a low of $0.0024, Notcoin [NOT] has experienced a strong upward movement. Over this period, it has surged to hit a high of $0.00375.
However, since then, it has made a slight pullback from this level. In fact, as of this writing, Notcoin was trading at $0.003098, after rising by 0.73% on daily charts. Equally, the coin has surged by 19.15% over the past week.
With a strong price pump, stakeholders are left wondering what’s driving the uptrend. Inasmuch, our analysis suggests that Notcoin’s recent price movement is largely driven by whales.
Can whales drive Notcoin to rally?
According to AMBCrypto’s analysis, Notcoin is experiencing massive whale activity. Over the past day, whale capital inflow has surged by 242.5%, rising from 321 million to over one billion.
This inflow suggests that more whales are buying NOT, which usually signals accumulation and points towards a bullish trend.
When whales turn to accumulation, it reflects market confidence as they expect prices to rise in the near term.
Source: IntoTheBlock
Additionally, this increased whale activity is further evidenced by a surge in large transactions. As such, Whale transactions have hiked by 433% over the past day.
Such a spike suggests that whales are very active in the market, either buying or selling.
Source: IntoTheBlock
Since Notcoin’s RSI has recovered from oversold territory of 24 to 33, it suggests that NOT has experienced high buying pressure.
This suggests that whales turned to buy the dip after NOT reaching the oversold zone.
What’s next for NOT
With Notcoin experiencing high whale activity, it’s also vital to point out that its market participants are bullish across the charts.
Source: Santiment
This bullishness is confirmed by the fact that Notcoin’s Funding rate aggregated by the exchange has turned after dropping to a negative zone. A positive funding rate suggests that longs are bullish and are paying short to hold their positions.
Source: Coinalyze
AMBCrypto observed a strong demand for long positions, currently dominating the market.
The Long/Short Ratio shows that long position holders have 65.4% of the total future contracts, while shorts have 34.56%. This implies that most investors are bullish and expect prices to rise.
Source: Tradingview
Notcoin is currently experiencing strong bullish sentiment. NOT’s upward momentum is strengthening, as evidenced by the rising Stoch RSI. If these conditions hold, Notcoin is well-positioned to see more gains.
If the coin maintains the current sentiment, NOT can reclaim $0.0037 and then attempt to break the $0.0041 resistance level.
However, if the bears observed on the daily charts take hold of the market, NOT could retrace to $0.0027.
