Notcoin (NOT) Price Likely to Bounce as Investors Buy the Dip: BeInCrypto Outlook

At the time of writing, Notcoin price is at $0.010. This is a notable decline from $0.012, which it reached on August 19 and which ultimately turned out to be a false breakout. But on the daily chart, Chaikin Money Flow (CMF) has broken out of its stay in the negative region and jumped to the positive side.

A declining valuation of the indicator, however, shows that the distribution is very much present. Therefore, the opposite movement of NOT and CMF price is a bullish divergence, suggesting that investors are capitalizing on the recent discount and buying the dip.

Furthermore, recent past performances such as July reinforce the bias. For example, as shown above, NOT experienced a downtrend to $0.010 on July 5.

During the dip, CMF also followed. But moments after the indicator changed direction, the price followed suit, eventually resulting in a 43% increase to $0.017.

However, this does not imply that the price of Notcoin will replicate the increase exactly. But if money continues to flow into the token, there could be a notable bounce. It also appears that traders in the derivatives market share a similar sentiment.

As shown below, and supported by increasing buying pressure, Notcoin appears poised to break out of the bearish formation. For this breakout to occur, buyers need to outweigh sellers to change the market momentum.

If successful, NOT could rise to $0.013 in the near term and potentially reach $0.016. However, this outlook could be invalidated if crypto whales continue to dump the token.

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