Since the start of the week, today marks the biggest recovery in Not’s price, as it pumps 25% in the last 24 hours. This makes the meme coin the top gainer of the market, but it remains bearish on the mid-term scale.
The past six months have been tough for the bulls, as they continue to suffer losses daily. However, trading appears positive this week, as Not bounced back after locating solid support.
This brought a notable increase and the price surged to $0.00789 today. It has retraced a bit to $0.00765 at the moment. Looking at the market structure, this surge looks more like a retracement of the bearish pattern – a lower low and lower high move – from the $0.0298 level in June.
There’s a minor resistance level at $0.0085. Failure to push above this resistance level could trigger another leg down, which could dip the price into the $0.004 range. A successful push above the mentioned resistance could activate a short-term shift in the market structure.
Despite the surge, Not’s trend remains bearish on a mid-term scale. A drop below its recent low could trigger more sell-off, but from the look of things, the trend will likely shift to the upside following the ongoing positivity in the market lately.
NOT’s Key Level To Watch
There’s an immediate resistance at $0.0085 but the main resistance for a test is $0.0129. If the price surges through these levels, $0.018 would be the next resistance to keep in mind.
While it is still considered bearish, it may pull back into the $0.0068 level for support before climbing higher. A further pull could bring us back to the weekly $0.00553 low. Below it lies $0.00453 – May’s low.
Key Resistance Levels: $0.01, $0.0129, $0.018
Key Support Levels: $0.0068, $0.00553, $0.00453
- Spot Price: $0.00765
- Trend: Bearish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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