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- The stock price did not settle at the $0.12 level as demand and flows stabilized.
- However, potential gains of +10% would be at stake if $0.014 is retested.
Aside from the overall market recovery, native tokens of projects associated with Telegram and The Open Network (TON) Benefited From the Toncoin list on Binance. Clicker game Notecoin [NOT] It was no exception.
NOT token jumped and recorded gains of 15%, reaching $0.012 on the day of listing – August 8. However, the price of the coin has remained somewhat stagnant since then. What’s next for the viral Telegram game now?
NOT – Key levels to watch
Source: NOT/USDT, TradingView
On the 12-hour chart, the $0.01 level has been acting as a major support for the past two months. This price has been of major interest to bulls as it has acted as a bullish order block (OB) and is in line with the 76.8% Fib level.
On the upside of the price action, the immediate upside target was the 61.8% Fibonacci level ($0.014) and the 50% Fibonacci level ($0.016). The 50% Fibonacci level was an important source of short-term supply as it prevented any further upside in July.
So where can’t we go next?
At the time of writing, the price chart indicators were neutral and did not support any upside or downside. This was confirmed by the sideways movement of the RSI and Chaikin Money Flow indicators, which were close to their average levels. This means that demand and flows have stabilized.
However, the price is still likely to rise to the immediate upside target at 61.8% ($0.014). This implies a potential gain of +10%.
The further upside hypothesis can also be confirmed by a surge in open interest (OI). OI jumped by about 10%, from $80 million to over $90 million on August 10. This suggests that more liquidity has flowed into the NOT futures market and could fuel the recovery.
Source: Santiment
Despite the overall bullish sentiment reading based on the rise in OI, NOT’s weighted sentiment has dropped into negative territory.
Previous additional declines in bearish sentiment have slowed down NOT price recovery, and a similar scenario would delay a retest of $0.014.
Reads Notecoin price prediction 2024-2025
Source: Santiment
In conclusion, NOT has benefited from two catalysts – the overall market recovery and interest in Telegram projects after Toncoin was listed on Binance. While a recovery and retest of the $0.014 level remain possible, the negative sentiment hanging over the weekend could delay such a scenario.
Disclaimer: The information provided does not constitute financial, investment, trading or any other type of advice and is solely the opinion of the author.
