Notcoin Shows Signs of Reversal Amid Wedge Breakout, Analyst Suggests 12.50% Upswing

• Notcoin’s price is near a potential breakout, with a 12.50% gain possible from the falling wedge formation on the hourly chart.
• The 50 EMA at 0.00869 USDT serves as key resistance, while the 200 EMA at 0.00863 USDT provides vital support for Notcoin.
• RSI at 48.68 indicates market indecision, with the price consolidating between 0.00863 and 0.00890 USDT ahead of a possible breakout.

According to Ali Martinez, a crypto analyst on X, Notcoin appears to be breaking out of a falling wedge on the hourly chart. This potential breakout could signal a price increase of 12.50%. The chart for the NOT/USDT pair on Binance’s Perpetual Contract market reveals a descending wedge formation, which is typically considered a bullish reversal pattern.

Descending Wedge Formation Signals Reversal

The chart highlights a descending wedge pattern formed by two converging trendlines. The upper line connects the lower highs, while the lower line links the lower lows, creating a wedge shape. This pattern suggests that the market has been in a correction phase, and the price is approaching a point of decision. 

The current price of $0.008851 has been fluctuating within this formation. A breakout above the wedge could result in an upward movement of around 12.50%, pushing the price to approximately 0.009907 USDT.

Exponential Moving Averages and RSI Indicate Market Indecision

The 50 EMA sits at 0.00869 USDT, while the 200 EMA is at 0.00863 USDT. The price is slightly above the 200 EMA, signaling potential support. 

However, it remains below the 50 EMA, which suggests that the market is still cautious. The Relative Strength Index (RSI), currently at 48.68, reflects a neutral market stance, indicating the market is waiting for a clear direction.

Key Support and Resistance Levels to Watch

The price is consolidating between 0.00863 and 0.00890 USDT. The 200 EMA at 0.00863 USDT serves as a key support level, while the 50 EMA at 0.00869 USDT is a critical resistance point. 

If the price can break above the 50 EMA, it could target the 0.00900 USDT mark, signaling the potential start of a bullish trend. However, if the 200 EMA fails to hold, the price could face further downside, with the next support near 0.00800 USDT.