- Knotcoin has fallen by over 7% in the past 24 hours alone
- A bullish pattern has emerged on the chart of NOT, suggesting a price upswing
KnotCoin [NOT] Even before its launch, there was a lot of buzz in the market. However, the launch itself was disappointing and soon after, the price on the charts dropped significantly. However, the trend may soon change as a bullish pattern has emerged on the price charts of the newly launched token.
A possible revival of Knotcoin
Notcoin generated a lot of buzz even before its launch. However, investor expectations were not met as the token’s price fell. However, the token quickly gained bullish momentum, surging in value by more than 40% in just seven days.
This trend quickly changed, with the altcoin dropping by over 7% in the past 24 hours. At the time of writing, NOT is trading at $0.0203 with a market cap of over $2 billion. The price drop also had a negative impact on the token’s social metrics.
For instance, the altcoin’s social volume declined, reflecting its declining popularity. Moreover, its weighted sentiment remained in the negative zone, indicating that bearish sentiment continues to dominate the knotcoin market.
Source: Santiment
Still, this may only be a minor setback for the altcoin as a bullish pattern has emerged on the NOT price chart. Popular crypto analyst Captain Fivick recently wrote: Tweet It highlights the fact that we are not on the verge of breaking out of the bullish pattern.
NOT has been stabilizing within a bullish pattern for the past few days and a successful breakout could see a 67% upside. The rally could see the coin retest its all-time highs in the near future.
Is a trend reversal possible?
As the bullish pattern was suggesting a trend reversal, AMBCrypto checked the 12-hour chart of Notcoin to see if there was a chance of an outperformance of the pattern in the coming days. According to our analysis, the technical indicator MACD is showing a clear bearish crossover, suggesting a sustained price decline.
Nonetheless, the Relative Strength Index (RSI) recorded an upswing, and the Chaikin Money Flow (CMF) is also showing a similar trend, indicating that it may not be successful in breaking out above the bullish pattern.
Source: TradingView
During, Ton Coin [TON]The blockchain on which NOT is issued has also seen bullish momentum. The price of TON has surged by more than 17% in the past seven days. At the time of writing, the token is transaction Bitcoin is trading at $7.40 and has a market capitalization of over $417.9 billion, making it the ninth-largest cryptocurrency in the world.
read Knotcoin [NOT] Price Prediction 2024-25
However, it is worth noting that TON outflows from exchanges have declined over the last week after spiking on June 3. This could mean less buying pressure, which could spell trouble.
Source: Santiment
