Bearish Pressure Mounts as Telegram Coin Notcoin Struggles to Break Downtrend

full version at beincrypto

Telegram Coin Notcoin’s (NOT) price is continuing its disappointing streak of observing a decline after failing to break from the downtrend.

The altcoin is now facing a potential drawdown resulting from the bulls taking a step back.

Notcoin Optimists Seem Unsure

The recent consistent decline in Notcoin’s price is bound to eventually impact bullish investors.

For the last two weeks, the long traders have faced most of the liquidations. The ongoing liquidations suggest a growing lack of confidence among bullish investors. As these investors exit their positions, the market could experience increased volatility.

This pressure on bulls could have a substantial impact on their future participation in the market.

Notcoin Liquidations. Source: Coinglass

Additionally, the Telegram coin’s Chaikin Money Flow (CMF) also notes sharp outflows. This technical indicator, which measures the money flow volume over a specific period, shows that more money is leaving Notcoin rather than entering it.

The sharp outflows are a clear signal that investors are pulling back from Notcoin, which could lead to a further decline in its price. Thus, the market will need to see a resurgence in bullish confidence to stabilize and reverse the current trend.

Notcoin CMF. Source: TradingView

NOT Price Prediction: Drawdown Continues

Notcoin’s price has declined 25% over the last ten days, reaching $0.013. In doing so, the Telegram coin failed to secure a breakout from the downtrend line that it has been under since the beginning of June.

NOT made another attempt over the past week but did not succeed. At the moment, the Telegram coin is facing a potential decline below the critical support of $0.013. Losing this support could leave it vulnerable to a drop to $0.009, a level that was last tested three weeks ago.

Notcoin Price Analysis. Source: TradingView

But if the support remains intact and Notcoin’s price manages to bounce off this line, recovery is possible. This would push the altcoin to $0.015, enabling a rise towards $0.017. In doing so, the downtrend line could also be flipped to support, invalidating the bearish thesis.