Notcoin (NOT), a popular telegram-based altcoin, has been experiencing significant price fluctuations despite its notable growth in the GameFi sector. The current market trend reveals a bearish outlook, with technical indicators suggesting a continued decline.
Current Market Overview
As of recent data, Notcoin is trading below the $0.015 mark, pointing to a bearish trend. According to CoinMarketCap, the 24-hour trading volume stands at $222 million, a 15% decrease from the previous day, highlighting the ongoing market volatility.
Notcoin Price chart
Notcoin Price Prediction: How Low Can NOT Go?
In the past 24 hours, Notcoin has traded within a narrow range, with a low of $0.01397 and a high of $0.01539. This indicates a period of uncertainty, with the cryptocurrency facing stiff resistance and support levels. Over the past week, Notcoin has followed a descending trend, falling 16% after reaching a weekly high of $0.018 on 20th July.
Despite a slight increase in trading volume, which saw a 0.38% rise to $908.26 million, market sentiment remains pessimistic due to a significant decline in open interest. According to Coinglass, open interest in Notcoin plummeted by 14%, now standing at $142 million. This sharp decline suggests traders are closing their positions, indicating a lack of confidence in the coin’s near-term prospects.
Can NOT Overcome the $0.015 Barrier Soon?
Notcoin is currently navigating a tough bear market. If the bearish trend continues, Notcoin is likely to stabilize at $0.013. Worsening market sentiment could further reduce its value to $0.01, with a continued decline potentially bringing it down to $0.009.
Notcoin Price chart| Source: TradingView
Conversely, rising optimism among investors could trigger a bullish turn. Such a shift in sentiment might help Notcoin break past the $0.015 resistance. Following this bullish trajectory, the digital currency could reach $0.02 and aim for $0.05 in upcoming developments.
Technical Indicators Show Continued Downward Momentum
The Moving Average Convergence Divergence (MACD) also shows a bearish signal, with the MACD line crossing below the signal line, suggesting continued downward momentum. Additionally, the Awesome Oscillator (AO) has transitioned from a positive surge to a decreasing trend, indicating a potential loss in upward momentum. The Average Directional Index (ADX) stands at 29.06, suggesting that the market experienced a moderately strong trend during the earlier price rise, which has since weakened.
