Notcoin Price Faces Bearish Pressure: Could The Decline Deepen?

• Notcoin price slipped below the key EMAs, conveying a downtrend.
• The data on Futures Open Interest and liquidation confirms a bearish sentiment.

Notcoin (NOT) price slipped below its key EMAs, witnessing a strong bearish edge. The seller army continued driving the decline, and a follow-on selloff was displayed on the chart.

Notcoin price action saw a prospect of an ample downtrend as it reached a monthly low of $0.00700. Moreover, aggressive selling pressure was observed.

The recent death crossover formation expresses that selling pressure may persist. The altcoin could face further decline in the coming sessions.

A potential close below the $0.00700 mark could send the Notcoin price toward $0.006500 ahead. Here, the bears would aim to retest the demand zone of the $0.006300 level.

NOT Price Prediction: Will Bear Dominance Persist?

The daily charts of Notcoin crypto displayed a bearish thesis as it continued to decline over the last two months. Amidst several attempts for a pullback, the bull army could not sustain gains. After that, an aggressive selloff occurred, resulting in a sustained decline.

The NOT price was trading at $0.007274 with an intraday decline of over 0.45% at press time. It boasted a market cap of $746.18 Million. Also, the trading volume has risen over 28.02% in the past 24 hours.

Recently, it witnessed a notable surge in supply. This led to a plunge in its value by 40% over the last three weeks.

@Zendon, in his tweet, said that the Notcoin price has consistently hovered in a downtrend inside a falling wedge pattern. Furthermore, an extended consolidation could be anticipated in the coming sessions.

$NOT is still moving within a falling wedge pattern, consistently testing both the support and resistance lines. Expect further consolidation before a potential breakout toward the indicated targets.#NOT #Crypto pic.twitter.com/fThjN9S90B

— Zendon (@Zendon_) September 16, 2024

The significant decline in the Notcoin price happened after the recent arrest of Telegram’s CEO on August 24. Afterward, the token consistently eroded the gains and plummeted to the monthly lows.

A decline in demand and an increase in supply were observed, which is generally a sign of bearishness.

At press time, NOT’s Relative Strength Index (RSI) curve stood near 32, close to the oversold region.

The Chaikin Money Flow (CMF) reading is close to the midline, around 0.03, displaying a slightly positive outlook. This means that there is a minor liquidity surge in the market.

However, the MACD indicator still plotted the green bars on the histogram. It displayed that buyers are hoping for a bounce in the coming sessions.

Notcoin Crypto’s Investors Losing Their Interest

Over the last seven days, the number of new addresses has dropped by 41.92%. On the other hand,  the active addresses decreased by 49.18%. This significant decline in Notcoin crypto’s addresses represented that the investors had lost interest and were looking into a panic.

Apart from that, the existing long positions started unwinding. The Open Interest (OI) shed over 1.69% to $110.32 Million, which means that inventors were in fear and looked in panic.

The immediate support zones were around $0.007000 and $0.006800. At the same time, the prompt resistance levels were $0.007800 and $0.008300.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.