Crypto analyst Ali Charts has reported a bullish breakout in Notcoin (NOT) after a month-long consolidation period. The analyst shared analysis demonstrating NOT’s escape from a descending wedge pattern, with chart projection suggesting a continued rally.
“Patience is paying off,” Ali stated in a post on X (formerly Twitter), highlighting the strategic approach of holding through market shifts.
What you'll learn 👉
NOT Technical Breakout Signals Potential Trend Reversal
The descending wedge pattern on NOT’s chart has shown a clear breakout above the upper resistance trendline. This technical formation emerged after a sustained downtrend from mid-July through late October 2024. The pattern’s support level established at $0.0055631 served as a foundation for the subsequent upward movement.
The breakout confirmation came with strong buying pressure, pushing NOT’s price above the wedge’s upper boundary. The chart shows the token reaching around $0.0098135, marking substantial progress toward the projected target. At press time however, the token has dipped by 3.40% in the last day to $0.009426.
Price Action and Support Levels Paint Bullish Picture
NOT’s chart structure reveals multiple support zones that could act as price floors during the current upward movement. The base support at $0.0055631 marks the wedge’s bottom, while a new support level has formed at $0.0080000 following the breakout.
The resistance zone between $0.0105000 and $0.0120000 presents the next major hurdle for NOT. This range aligns with Ali Charts’ short-term target of $0.012, representing a potential 76.25% move from the pattern’s low point.
Read also: Avalanche (AVAX) Poised for Higher Highs If Price Reclaims This Key Level
Market Structure Suggests Continued Momentum
The measured move calculation, based on the wedge’s maximum width, supports the $0.012 target projection. NOT’s price action displays increasing bullish momentum since breaking out of the pattern. The token’s movement reflects broader market dynamics where sustained consolidation periods often precede directional moves.
The chart patterns suggest a shift in market structure from bearish to bullish control. Trading volumes have supported the price action, though specific volume data remains private. The current price levels provide traders with clear reference points for both support and resistance zones.
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