Notcoin's Kraken Listing Sparks 21% Price Surge, Signaling Recovery
1min read Notcoin, an altcoin that had been struggling with a prolonged downtrend, recently showed signs of recovery following its listing on the Kraken exchange. The token experienced a sharp decline last week, forming an all-time low (ATL) after nearly a month of bearish pressure. However, the recent listing on Kraken triggered a 21% rise in price during the intra-day high, signaling renewed investor interest in the token.
The Market Value to Realized Value (MVRV) ratio for Notcoin recently hit its lowest point, reflecting the ongoing decline and the formation of the ATL. Standing at 0.33, the MVRV ratio indicates that Notcoin has likely reached a saturation point, where investors are unlikely to continue selling. This suggests that the token is more likely to experience upward movement and begin recovering its recent losses. With the MVRV ratio at such a low point, it signals that Notcoin is undervalued at its current price, presenting an optimal entry point for potential accumulation. The bullish sentiment arising from potential accumulation could help the altcoin's recovery and create a potential rally in the near future.
Notcoin's Relative Strength Index (RSI) recently dipped into the oversold zone, falling below the 30.0 mark. Historically, this has been a key reversal point for many cryptocurrencies, as prolonged bearishness often creates room for a bounce back. This oversold condition indicates that Notcoin may be approaching a turning point. As the bearish pressure saturates, the altcoin could experience renewed buying interest, pushing its price higher. Investors are watching for signs that the market has fully absorbed the selling pressure, creating conditions for a bullish reversal.
Notcoin's price rose by 21% during the intra-day movement after its listing on Kraken, with investors responding positively to the news. This momentary bullishness sparked renewed interest, although the altcoin later faced some resistance. At the time of writing, Notcoin is trading at $0.0030 and is attempting to establish a support level at $0.0031. For Notcoin to continue its recovery, it will need to break above the $0.0031 barrier. Flipping this resistance into a solid support floor would signal the end of the descending wedge pattern. At the same time, it would confirm a breakout, setting the stage for further upward movement. A successful 
