Notcoin’s (NOT) price has been moving under the downtrend line that it fell under at the beginning of the month.
Although the Telegram token did attempt to break out in mid-June, it failed to secure a support floor.
Notcoin Investors’ Skepticism Remains Strong
Notcoin’s price could continue to decline, and the altcoin may lose a key support floor. This is signaled by the Relative Strength Index ( RSI ), which remains in the bearish zone, indicating significant selling pressure.
The RSI (Relative Strength Index) is a momentum oscillator that measures the speed and change of price movements, ranging from 0 to 100. It is used to identify overbought or oversold conditions in a market.
This technical indicator suggests that investors are predominantly selling their NOT holdings, pushing their prices downward.
Despite being in an oversold condition, Notcoin’s recovery could be delayed . Typically, an oversold RSI signals a potential bounce-back, but the sustained selling pressure hints at prolonged weakness.
Secondly, over the past week, more than $11.5 million worth of long contracts have been liquidated. This large-scale liquidation highlights both bearish market conditions and investor lack of confidence.
Read More: How To Buy Notcoin (NOT) and Everything You Need To Know
These liquidations further strengthen the bearish case for NOT. The combination of high selling pressure and significant long-contract liquidations suggests that Notcoin’s price may continue to face downward momentum in the near term.
NOT Price Prediction: Further Decline Likely
Notcoin’s price at $0.0135 has already failed to breach the downtrend line once this week. The Telegram token could now fall below the key support floor of $0.0130. Given this level has been tested in the past, there is a chance that the altcoin might find some resistance.
However, a decline below it could send NOT to test the next critical support at $0.01000.
Read More: Notcoin (NOT) Price Prediction 2024/2025/2030
On the other hand, a bounce back from $0.0130 could trigger a recovery rally in Notcoin’s price. If the downtrend line is breached and $0.0150 flipped into support, the Telegram token would invalidate the bearish thesis, too.
