Notcoin is seeing some bullish moves today after being relatively silent for some time. The price has been increased by more than 10% in the last 24 hours.
CryptoBull_360 noted this and also noted that Notcoin (NOT) is on the verge of a significant breakout after a prolonged period of consolidation.
The analyst noted that bulls are currently testing the Point of Control (PoC) resistance zone on the daily timeframe.
A strong bounce off the horizontal trendline resistance, in conjunction with the PoC, could catalyze the anticipated bullish rally, potentially leading to a 120% price increase.
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The technical analysis shows a downtrend characterized by lower highs and lower lows. These are marked by two descending trend lines.
However, a breakout from these trend lines suggests a potential reversal of the bearish trend. This ndicates that the bullish momentum is gaining strength.
The volume profile displayed on the left of the chart reveals areas of significant trading activity, with the PoC indicating where the highest volume has occurred. Currently, price action is testing this critical PoC resistance zone, which is essential for confirming a breakout.
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Additionally, a strong horizontal trendline that has acted as resistance in the past has recently been flipped into support. This shift signals a potential bullish reversal, and the alignment of the PoC resistance zone with this horizontal level underscores its importance. If the price successfully breaks through this zone, it could trigger a powerful upward movement.
Lastly, the chart features a green projection box, indicating a possible price target of approximately 120% should the breakout materialize.
This target resonates with a major resistance area identified in earlier price movements, making it a plausible point for traders to consider profit-taking.
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