Home » Journal » Notcoin (NOT) Wave 5 Rally Ends; Analyst Predicts 30%+ Dip to Next Key Support: Watch These Price Levels

Journal

Notcoin (NOT) Wave 5 Rally Ends; Analyst Predicts 30%+ Dip to Next Key Support: Watch These Price Levels

Rene Peters

June 1, 2024

An analyst on the popular trading platform TradingView has signaled that the ongoing rally in Notcoin (NOT) may be coming to an end, with a potential price correction of 30% or more on the horizon.

The Wave 5 Rally Concludes
According to pejman_zwin, a TradingView analyst, Notcoin’s fifth wave of the current bullish cycle appears to have concluded. This assessment is based on the Elliott Wave Theory, a technical analysis approach used to identify recurring price patterns in financial markets.

Also Read: MyNeighborAlice (ALICE) and Voyager Token (VGX) Crypto Prices Surging: Here Why

Pejman_zwin cites the breaking of the uptrend line as a confirmation sign of the end of Wave 5, which saw Notcoin surge more than 30% from its recent lows.

Potential Support Levels
If the analyst’s predictions hold true, Notcoin could experience a significant pullback, with a potential dip of at least 30% from its current price levels. Pejman_zwin has identified a key support zone around $0.009, where the downward momentum may stall.

However, should this support level fail to hold, the analyst warns that Notcoin’s price could potentially drop further, targeting the $0.007 and $0.0064 levels successively.

Conversely, if the $0.009 support level holds firm, pejman_zwin anticipates a continued rally, potentially pushing Notcoin back towards the $0.01 mark.

In the analysis, pejman_zwin emphasizes the importance of risk management and avoiding greed in trading. The analyst recommends setting stop-loss orders for any open positions and adhering to a well-defined trading strategy.

Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.

We recommend eToro

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more

Visit eToro Now

Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.