Notcoin (NOT) Price Rebounds 30% Amid Double Bottom Pattern, $0.018 Target in Sight

Notcoin price soared 30% on Tuesday, outshining other major altcoins during a relief rally. As Bitcoin staged a notable rebound from the

.018 Target in Sight" >

Notcoin (CRYPTO: NOT) price soared 30% on Tuesday, outshining other major altcoins during a relief rally.

As Bitcoin (CRYPTO: BTC) staged a notable rebound from the psychological $50,000 level, selling pressure on Notcoin eased significantly. During this pullback, most major altcoins experienced a resurgence in demand, highlighting the traders’ persistent inclination to buy the dip.

Notcoin price trajectory on the daily chart since late July has been decidedly bearish, highlighting strong seller dominance. This downturn saw the asset plummet from $0.018 to a low of $0.0085, a 52% decline.

However, the falling price encountered renewed demand pressure at $0.0091, which supported the 93% rally in early July. As market conditions stabilized, Notcoin price sharply recovered to $0.012, simultaneously boosting its market capitalization to $1.274 billion.

This price surge, as noted by Coinglass, triggered the liquidation of $751.1K in short positions, introducing a wave of uncertainty among traders. A more detailed examination of the daily chart reveals this reversal as a potential double-bottom pattern, often indicative of a market bottom.

The Relative Strength Index (RSI) has risen from the oversold territory to 46%, indicating increased demand for the altcoin at lower prices. Should this pattern continue, Not derivative market data showed substantial losses in Notcoin’s open interest (OI) in the first week of August. The OI metrics dropped from $142.15M to $88.8M, a loss of 37.5%. This significant decline in OI data indicates waning investor confidence and a potential decrease in market activity.

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