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Notcoin (NOT) Price Trends Show Strong Upward Movement

Published

16 hours ago

October 15, 2024

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Notcoin (NOT) price has recently surged, yet many holders are still facing losses. Despite the uptick, the majority of investors are waiting for more substantial gains to recover their initial investments. This creates a scenario where selling pressure may be limited, potentially allowing for further upward momentum.

Strengthening technical indicators, including a near golden cross formation and rising trend strength, suggest a growing bullish sentiment. With multiple resistance levels in sight, NOT may continue its rally, offering potential significant growth if current trends hold.

More Than Half of TON Holders Are In a Loss

The historical break even price chart reveals that 40% of TON holders are currently in profit. Despite the recent price surge of nearly 10% in the last 24 hours, a significant portion—53% of holders—are still at a loss.

This imbalance highlights that many investors, especially those who purchased when the price was significantly higher, have yet to see positive returns. The historical break even price metric serves as an important indicator to gauge the profitability of investors based on the average price at which they entered compared to the current market price.

Read more: 5 Top Notcoin Wallets in 2024

NOT Historical Break Even Price. Source: TradingView

With TON’s price still well below the levels observed in August, July, and June, it suggests that a large number of holders are waiting for prices to rise further before selling. The fact that many are still at a loss even after a 10% surge means there is less incentive for these investors to sell at current levels, as they would prefer to recover their original investments or gain profits.

This scenario reduces the likelihood of immediate selling pressure, as holders are likely expecting further price growth. As a result, the current market environment may benefit from sustained buying momentum without the overhanging threat of significant sell-offs in the near term.

Notcoin Current Trend Is Getting Stronger

The ADX for NOT is currently at 34, up from 18 just one day ago. This sharp increase in the ADX suggests that the strength of the trend has significantly grown in a very short time frame. When the ADX rises above 25, it typically indicates that a trend is gaining momentum, and with the current level at 34, it confirms that NOT has entered a strong trend.

The rapid rise from 18 to 34 highlights a marked shift in the direction of the TON price, pointing towards increasing investor interest and a strengthening direction in the price movement.

The Average Directional Index (ADX) is a metric used to determine the strength of a trend, regardless of whether the trend is upward or downward. An ADX value above 25 generally indicates a strong trend, while lower values suggest a lack of momentum or a consolidating market.

With NOT recently entering an uptrend and the ADX now at 34, it shows that the current upward momentum is strong. This suggests that the recent price growth might just be the beginning, as the strength of the trend implies continued buying interest and the potential for further gains.

The combination of a newly established uptrend and a strong ADX level makes a compelling case that the price could continue its upward trajectory, as market participants seem to be committed to sustaining this growth.

NOT Price Prediction: Can TON Grow By 50% In The Next Few Days?

NOT’s EMA lines are currently nearing the formation of a golden cross, which is a significant technical indicator in trading. A golden cross occurs when a shorter-term EMA (Exponential Moving Average) crosses above a longer-term EMA, signaling the potential start of a bullish market trend.

The EMA lines being close to this crossover suggests that the current momentum in price action is gaining strength, which, if confirmed, may lead to more substantial upward movement. Traders often look at this formation as a signal to enter long positions, anticipating that the price may rise further.

EMA lines represent the exponential moving averages of a cryptocurrency’s price over a specific period, placing more weight on recent data to reflect current trends more accurately. When the shorter-term EMA crosses above the longer-term EMA, it often signals a shift from a bearish to a bullish market trend.

NOT EMA Lines and Support and Resistance. Source: TradingView

With NOT’s ADX currently strong and many holders still at a loss, the conditions are favorable for further upward movement. If the golden cross forms and the trend continues, NOT could test resistances at $0.0106, with the potential to push even higher to $0.0122 or even $0.01355.

Achieving these levels could mean a roughly 50% price growth from its current position. However, if the uptrend doesn’t materialize and the trend reverses, NOT price could see a decline and test its support at $0.007, which would signal a more bearish outlook in the short term.

This makes the coming days crucial for defining the direction of NOT’s market trajectory, depending on whether the Golden Cross is confirmed or not.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Why the SEC Is Suing Over Meme Coin Fraud

Published

25 mins ago

October 16, 2024

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The US Securities and Exchange Commission (SEC) filed a lawsuit against an individual connected with the issuance and promotion of the Saitama Inu (SAITAMA), according to a complaint released recently.

This legal action follows a series of joint enforcement initiatives launched earlier this month. The SEC, the Federal Bureau of Investigation (FBI), and the Department of Justice (DOJ) charged multiple cryptocurrency entities suspected of fraud and market manipulation.

SEC Pushes Misleading Investors and Pump-and-Dump Allegations

The complaint, filed in the US District Court, alleges that the defendant, Vy Pham, illegally sold unregistered securities in the form of digital tokens. It also accuses Pham of misleading investors and promoting Saitama Inu through deceptive tactics. Some of the cited deceptive practices include fraudulent statements about the coin’s value and prospects.

According to the SEC, Pham leveraged social media channels to promote the meme coin. He artificially inflated the value of Saitama Inu and ultimately profited at the expense of unsuspecting investors. Advertising a strong community backing and future utility, Pham reportedly promised substantial returns to investors.

However, the SEC contends that Pham’s promotional efforts were part of a “pump-and-dump” scheme, a form of securities fraud. In such schemes, the promoter hypes up the asset to boost its price, only to offload its holdings at inflated rates. This leaves other investors with significant losses as the token value crashes.

“Pham misled investors by making grand promises of wealth, and as a result, many individuals lost significant amounts of money,” said Gurbir S. Grewal, Director of the SEC’s Enforcement Division, in a statement.

This lawsuit is part of a wider crackdown initiated on October 9 by the SEC, FBI, and DOJ against four cryptocurrency entities. Citing Gotbit Consulting, ZM Quant Investment, and CLS Global, the coordinated enforcement action centers on allegations of fraudulent activities and market manipulation. These are tactics used to deceive investors by fabricating market demand.

Potential Implications for the Future of Meme Coins

Meme coins, unlike Bitcoin or Ethereum, typically lack intrinsic utility or clear use cases, making them highly volatile. They are often subject to rapid price fluctuations, driven by social media trends or endorsements from influencers.

This lawsuit reflects the SEC’s ongoing efforts to ensure compliance with securities laws in the growing cryptocurrency market. The SEC is committed to fighting against fraud, misleading information, and market manipulation. This is as more retail investors flock to digital assets.

“The cryptocurrency market continues to grow, and with it, the risks to investors. The SEC will continue to take action against those who violate securities laws, no matter how new or innovative the assets may be,” Grewal added.

Meme coins can be entertaining and lucrative for some. However, they also come with significant risks, especially when manipulation is in play. The outcome of the SEC’s case against Pham could have far-reaching implications for the future of meme coins.

The court ruling in favor of the SEC could set a legal precedent, bringing stricter regulations on similar digital assets and their promoters.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Market

Litecoin (LTC) Jumps 10%: Can the Bulls Fuel a Bigger Rally?

Published

1 hour ago

October 16, 2024

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Litecoin price is gaining pace above the $70.00 level against the US Dollar. LTC could continue to rise if it clears the $72.80 resistance zone.

Litecoin is showing positive signs from the $65 support zone against the US Dollar.
The price is now trading above $70 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support at $68.00 on the hourly chart of the LTC/USD pair (data feed from Kraken).
The price is up over 10% and might continue to rise if it clears the $72.80 resistance zone.

Litecoin Price Gains Bullish Momentum

After forming a base above $65, Litecoin started a fresh increase. LTC price broke the $68 and $70 resistance levels to move into a positive zone, like Bitcoin and Ethereum.

The price gained over 10% and even cleared the $72 level. A high was formed at $72.74 and the price is now consolidating gains. It is stable above the 23.6% Fib retracement level of the upward move from the $65.29 swing low to the $72.74 high.

Litecoin is now trading above $70 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support at $68.00 on the hourly chart of the LTC/USD pair. The trend line is close to the 61.8% Fib retracement level of the upward move from the $65.29 swing low to the $72.74 high.

On the upside, immediate resistance is near the $72.00 zone. The next major resistance is near the $72.80 level. If there is a clear break above the $72.80 resistance, the price could start another strong increase. In the stated case, the price is likely to continue higher toward the $75.50 and $78.00 levels. Any more gains might send LTC’s price toward the $80.00 resistance zone.

Are Dips Supported in LTC?

If Litecoin price fails to clear the $72 resistance level, there could be a downside correction. Initial support on the downside is near the $71.00 level.

The next major support is forming near the $69.00 level, below which there is a risk of a move toward the $67.50 support. Any further losses may perhaps send the price toward the $65.00 support.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for LTC/USD is above the 60 level.

Major Support Levels – $71.00 followed by $67.50.

Major Resistance Levels – $72.80 and $80.00.

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Market

Canary Capital Aims for Litecoin ETF After XRP ETF Submission

Published

3 hours ago

October 16, 2024

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Nashville-based investment firm Canary Capital filed for a Litecoin exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC). This comes on the heels of Canary and BitWise filing for an XRP ETF earlier this month.

Litecoin’s official site made a statement after the ETF filing went public.

Canary’s New ETF Attempt

Nashville-based investment firm Canary Capital filed for a Litecoin (LTC) ETF with the Securities and Exchange Commission (SEC) today. This comes less than a week after Canary submitted an XRP ETF application, showing a multifaceted approach. Canary’s documents show it filed with CSC Delaware Trust Company for both attempts; BitWise also used it for its XRP ETF.

Litecoin published a positive statement about this ETF filing on its website, greeting this new development. It called special attention to Canary Capital’s founder, Steven McClurg, who was “former co-founder and Chief Investment Officer” at Valkyrie Funds. Valkyrie was among the first applicants for a Bitcoin Futures ETF several years ago.

“Steven established Canary Capital to drive innovation and deliver actively managed private strategies to meet institutional demand for sophisticated cryptocurrency investment solutions. If approved, the ETF will provide both consumer and institutional investors with wide-spread direct exposure to Litecoin,” the statement read.

October has seen a high level of action in the crypto ETF market so far. Bitcoin ETFs are currently surging with demand, and these three new applications took place in fairly quick succession. The prevailing opinion is that Solana is more likely to win the next ETF approval, but these predictions have not deterred proposals for LTC or XRP.

In the past 24 hours, Litecoin’s price has increased by around 7%. There have been signs that LTC may rally this month if whales move the needle, but this has not materialized. So far, on-chain data suggests a slight uptick, but nothing substantial has occurred.

Litecoin Price Performance. Source: BeInCrypto

Although approval for this ETF would be a substantial win for the crypto industry, Bloomberg analyst James Seyffart noted that several exchange-traded products (ETPs) already carry LTC. He mentioned both a Swiss and a German product and added that Grayscale already has a Litecoin ETP in the US.

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