Notcoin (NOT) recently hit an all-time low after a prolonged downtrend. However, it is showing signs of recovery, thanks in part to its recent listing on the Kraken exchange.
The addition of Notcoin to Kraken sparked a 21% intra-day price increase as investor interest revived.
The Market Value to Realized Value (MVRV) ratio for Notcoin has reached 0.33, the lowest on record, marking the token as potentially undervalued. This low MVRV ratio suggests a saturation point, implying diminished incentive for further selling and paving the way for potential recovery and upward price movement.
This undervaluation signals a prime entry point for investors. Growing bullish sentiment from potential accumulation could foster a rally in the near future.
Notcoin’s macro momentum hints at a reversal. Its Relative Strength Index (RSI) has fallen below 30.0, indicating an oversold condition. Historically, this level has been a pivot point for many cryptocurrencies, suggesting a potential bounce back.
The current oversold state could mean Notcoin is nearing a turnaround. As the selling pressure diminishes, renewed buying interest may drive prices upward. Investors are closely monitoring the situation for signs of a bullish shift following the absorption of selling pressure.
Following its Kraken listing, Notcoin's price increased 21%, showing renewed investor enthusiasm. While some resistance emerged, Notcoin now trades at $0.0030, striving to establish support at $0.0031.
To maintain its recovery momentum, Notcoin must surpass the $0.0031 resistance. Converting this level into solid support would signal the end of its descending wedge pattern, indicating a breakout and potential further gains, setting a price target of $0.0040.
Should Notcoin fail to breach the $0.0031 resistance, the altcoin could consolidate below this level. It might stay above its all-time low of $0.0021 but struggle to make meaningful recovery progress. This would undermine the bullish outlook and delay potential price improvements.
Disclaimer: The information provided in this article is for educational purposes only and should not be considered financial or legal advice. Always conduct your own research or consult a professional when dealing with cryptocurrency assets.