The price of Notcoin (NOT), which had plummeted by 28% over the past month, has begun to rise once more. Currently trading at $0.0084, this shift in price suggests a potential stabilization in broader market conditions. With on-chain data and chart analysis, we examine whether the cryptocurrency can sustain this upward movement.
What Is Happening with NOT?
Three months ago, Notcoin reached an all-time high of $0.028, following an airdrop event tied to Telegram’s touch-to-earn mining project. However, subsequent substantial profit-taking and controversies involving Telegram CEO Pavel Durov caused the price to decline by 70%. Despite these challenges, data from Santiment indicates a shift from bearish to bullish sentiment. Weighted Sentiment improved from -0.66 on September 1 to -0.21, signaling a significant reduction in online negativity. If this trend continues into positive territory, it may boost demand for the token.
Despite recent declines, Notcoin holders have exhibited remarkable patience. Data from IntoTheBlock reveals that the average holding period for Notcoin assets surged by 247% over the last week. Typically, a shorter holding period suggests increased selling activity, which can put downward pressure on the price.
NOT Chart Analysis
On the daily chart, Notcoin is attempting to break out of its downtrend since July and is currently trading near the $0.0084 support level, which previously triggered a rise to $0.028 in June. However, replicating this process is not guaranteed. Attempts to retest the $0.014 level have been unsuccessful, indicating it could be a difficult target to achieve. If the bulls can maintain the $0.0084 support, an initial target could be $0.0095, potentially rising to $0.010. Conversely, if the token falls below this critical support, the price could drop to $0.0077.
Key Insights for Investors
– The shift from bearish to bullish sentiment suggests improving market perception.
– The increased holding period indicates strong investor confidence and reduced selling pressure.
– Critical price levels to watch: $0.0084 as support and $0.014 as a challenging resistance.
The resurgence in Notcoin’s price after a substantial decline highlights the volatility inherent in the cryptocurrency market. Investors should remain cautious and consider both technical analysis and market sentiment before making any trading decisions.