Notcoin (NOT) Bulls Attempt to Reclaim the $0.03 Highs as the Market Structure Flips Bullish

Notcoin [NOT] saw a 62% rally over the weekend after the 40% drop over the past week. The price of Notcoin is now higher than it was on Monday, the 1st of July.

Notcoin's [NOT] price experienced a 62% rally over the weekend, following a 40% decline last week. The token's price recovered to levels higher than those seen on Monday, July 1st.

This rally was accompanied by a significant increase in trading volume, with a 300% surge in daily volume on Sunday, July 7th. Bitcoin's bearish sentiment last week appeared to be fading.

AMBCrypto analyzed the NOT charts to assess the potential for bulls to drive prices back to the $0.03 highs.

Notcoin's trendline breakout remained bullish at the time of analysis

Source: NOT/USDT on TradingView

Notcoin's 6-hour chart showed a retracement phase since the second week of June. Fibonacci retracement levels (50%, 61.8%, and 78.6%) were tested as support.

The 78.6% Fibonacci level held strong over the last few days, despite bearish market sentiment.

Increased trading volume during the price bounce was also a positive sign. This bounce saw Notcoin break through the bearish market structure and trendline resistance.

Bollinger Bands expanded to indicate volatility, and the RSI was above the neutral 50 level.

NOT could continue its uptrend to reach $0.03 in July, but this was also dependent on BTC's trend.

Other metrics hinted at challenges in sustaining the recent rally

Source: Coinalyze

Despite the bullish price action and volume, the spot CVD did not show a significant recovery from its decline in June.

This indicated that selling pressure had been so high for an extended period that the bulls faced an uphill battle in turning the tide.

The Open Interest rose substantially to indicate short-term bullish sentiment. However, the funding rate was barely above zero.

The futures metrics did not fully align on speculator conviction, but we can conclude that futures traders were becoming more enthusiastic about going long on Notcoin in the short term.🎜

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