The initial excitement surrounding Notcoin (NOT), which was a standout performer among Telegram’s mini bots in early 2024, is waning. In the past 30 days, NOT, once among the top 100 best-performing cryptocurrencies, experienced a substantial 30.76% drop in value. This downward trend has created apprehension among cryptocurrency holders, fearing more selling could be on the horizon.
What Caused the Recent Notcoin Surge?
On August 20, Notcoin’s price surged to $0.01092, prompting speculation about a continued rise. However, on-chain analyses offer deeper insights into the drivers behind this increase. Data from IntoTheBlock reveal a significant 62% decrease in the average holding period of coins traded on Notcoin over the past week. Additionally, the trading volume of NOT coins has noticeably declined in the last 30 days.
Who is Selling Notcoin?
The decreased holding period indicates increased selling pressure and waning confidence in Notcoin’s short-term potential. Blockchain analyses further suggest that the selling isn’t limited to individual investors alone; recent signs point to bearish control taking hold.
Key Insights for Investors
– Short-term confidence in Notcoin is dwindling, leading to increased selling pressure.
– Both individual and institutional investors are contributing to the sell-off.
– The price trend remains downward as long as NOT trades below key EMA indicators.
Outlook for Notcoin’s Price
Examining Notcoin’s current graph shows that the downward trend persists. NOT is trading at $0.1092, attempting to rise above the 20-day EMA (blue) but still far below the 50 EMA (yellow). If the price stays above the EMA, an upward trend could be indicated. However, if NOT continues to trade below these indicators, the trend remains downward. Should market conditions improve and buyers step in, the price could rise to $0.012; otherwise, it might drop back to $0.0084.