After achieving a 30% surge, Notcoin’s (NOT) price is poised for a potential extended rally. Should this occur, many holders currently at a loss may reach breakeven or see profits.
On September 23, Notcoin’s value stood at $0.0073. However, as of now, the altcoin has climbed to $0.0094. This analysis delves into the factors fueling NOT’s recent rally and what investors can anticipate as the coin strives to maintain its positive momentum.
Notcoin Aims for New Gains
Insights from BeInCrypto suggest that Notcoin’s price ascent may be linked to enhanced network activity. Currently, the number of active addresses has surged by 35% over the past week.
Active addresses are a reliable metric for assessing user engagement on a blockchain. An increase indicates heightened interaction with a cryptocurrency, whereas a decline signifies reduced user involvement.
Similarly, the number of zero-balance addresses has also seen a notable spike of 90%, reflecting strong traction and adoption for Notcoin. This overall growth is a positive indicator and has significantly contributed to NOT’s price stability since Monday.
Learn more: How To Purchase Notcoin (NOT) and Key Information
If this trend continues, Notcoin’s price could potentially experience another 30% increase, driving it up to $0.012. Based on the Global In/Out of Money (GIOM) analysis, this surge would likely put 23,848 addresses holding over 62 billion tokens into profitability.
The GIOM metric highlights how many addresses are gaining or losing money at the current price, indicating potential profits for holders if the price reaches specified levels.
In Notcoin’s case, those holders purchased NOT within the range of $0.0095 to $0.012. Consequently, if the price retraces to $0.012, the 62 billion tokens currently underwater would be valued at just over $700 million.
NOT Price Forecast: Significant Rebound Anticipated
The chart below indicates that Notcoin’s price nearly reached $0.011 previously but retreated to $0.0094. Nonetheless, the Parabolic Stop And Reverse (SAR) suggests the upward trend may not be over.
The Parabolic indicator is a technical tool used to gauge the price direction of an asset. When the dotted lines fall below the price, it signifies a bullish trend. Conversely, if they are above the price, the trend turns bearish, suggesting possible corrections ahead.
For NOT, the current situation leans towards the latter scenario, implying a rebound could be imminent. This is further corroborated by the Moving Average Convergence Divergence (MACD), which remains in positive territory, indicating ongoing momentum.
Learn more: 5 Leading Notcoin Wallets for 2024
With Fibonacci levels in consideration, Notcoin’s price could rise by another 30% in a few weeks, potentially reaching $0.012. On the flip side, if bearish momentum surfaces or if profit-taking escalates, the price may fall to $0.0082.
Disclaimer
In accordance with the Trust Project guidelines, this price analysis article serves informational purposes only and should not be interpreted as financial or investment advice. BeInCrypto is dedicated to providing accurate, impartial reporting, but market conditions can change unexpectedly. Always perform your own research and consult with a qualified professional prior to making any financial decisions. Please be aware that our Terms and Conditions, Privacy Policy, and Disclaimers have been recently updated.
