Notcoin Price Forecast: Is NOT Going To Zero As Bearish Momentum Builds?
Notcoin price forecast: NOT, a Telegram-based cryptocurrency, has experienced a notable price decrease following a market correction. According to data from CoinMarketCap, Notcoin is trading at $0.01534, a significant 14.64% drop in value over the past day.
The cryptocurrency, which ranks 50th in market capitalization, currently holds a market cap of approximately $1.575 billion. Despite the decline, trading volumes surged over 5% in the last 24 hours, reaching around $770 million.
Notcoin Price Forecast: Will the Downtrend Continue?
Over the past week, Notcoin price has seen a decrease of more than 4% indicating a potential trend of bearish sentiment among investors. NOT price has been trading in a downtrend with a range bound of $0.015 to $0.021.
However, over the past month, the token has remained upward overall, with a monthly gain of approximately 130%.
Most of the cryptocurrencies today are trading in red, reflecting a broader downturn in the market. Bitcoin, the largest cryptocurrency by market capitalization, has seen a significant drop, falling below the $66,000 mark for the first time in several months.
This downward trend is mirrored by other major cryptocurrencies, such as Ethereum and XRP, which have also experienced declines, fueling other altcoins like Notcoin.
Market analysts suggest that the sell-off could be a reaction to a variety of factors. Bitcoin’s upward momentum is faltering due to macroeconomic pressures, miner capitulation, outflows from Bitcoin ETFs, and a slowdown in the issuance of new stablecoins.
Technical Analysis Indicates Bearish Sentiment
With the current bearish market, Notcoin shows signs of strong downtrend momentum. If market sentiment shifts and increases pressure, Notcoin’s value might find support at $0.015.
A prolonged downturn could see the price decline to approximately $0.012, highlighting a more bearish market outlook. If bearish forces intensify, Notcoin may also drop to $0.01.
However, if bullish sentiment strengthens, Notcoin might enter a bullish phase soon. Notcoin could break through the $0.019 resistance level if the current trend continues. This upward trajectory suggests its value is nearing the $0.02 mark, potentially reaching $0.05 in the foreseeable future.
The 4-hour technical indicators for the Notcoin trading pair show a concerning downward trend in recent trading sessions. The Moving Average Convergence Divergence (MACD) is below the signal line, indicating a bearish momentum. The histogram also shows a decrease in momentum as the red bars decline in height.
The Relative Strength Index (RSI), currently at 27, has dipped into the oversold territory, suggesting that the asset might be undervalued at its current price or that a continued sell-off has excessively driven the price down.
The Bollinger Bands on the 4-hour chart for Notcoin indicate a narrowing of volatility, with the current price trend descending toward the lower band. The upper limit of the Bollinger Bands is approximately $0.022, while the lower limit is about $0.014.
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