Notcoin Price Expects 30% Fall With Bearish Sentiment On the Rise

• The NOT price was closer to the make-or-break support zone of $0.007200.
• Technical indicators and market trends represent a bearish bias.

Notcoin (NOT) price is at risk of a 30% decline and looks bearish on the chart. Since July 2024, it has been trading under bearish influence. It has seen a significant correction, losing more than 58% of its value.

The Notcoin price could decline as it appears poised to break its make-or-break region at around $0.007200. This might trigger an extended correction ahead.

For the past two weeks, it has struggled in a tight range between $0.07200 and $0.008800. Despite minor upward movements, buyers failed to violate the cluster of $0.009000. They faced rejection from the 50-day EMA zone.

Notcoin crypto was unable to build momentum and looked weak on the chart. A bearish streak has occurred in the last three sessions, and the price has fallen below the key EMAs. It signaled a next bearish leg ahead.

Notcoin Price Analysis: Bulls Lost Control?

The Notcoin price slipped to its crucial support region on the daily chart. It displayed selling pressure.

Amidst the improved crypto market sentiment, NOT crypto failed to gain traction and represented low investor interest. It resulted in a continued downtrend.

NOT Price by TradingView.com

A tweet by @ManofBitcoin highlighted that the Notcoin price has reached the ideal support zone around its 61.8% Fib level. A break below the level would lead to a fresh down move.

$NOT (request): The price has reached the ideal target for reversal.
We can give this chart a bit more space. I added the 61.8% Fib retracement level.
A break below the 61.8% Fib level would indicate that this chart has failed to form 5 waves up from the lows.
A diagonal pattern… pic.twitter.com/nSFJImjWjf

— Man of Bitcoin (@Manofbitcoin) September 30, 2024

The price action indicated that the immediate support cluster of $0.007200 was retested multiple times in the last two months. It could break this time.

A recent decline since Friday has pushed the Notcoin crypto price toward the crucial zone. It could break below $0.007200 and potentially revisit its May 2024 lows.

The price was trading at $0.007789 at press time. It noted an intraday decline of over 12.20%, representing the bearish pressure.

Notably, the trading volume surged over 52%, with the price decline signaling a strong selling momentum. Its market has fallen to $799.34 Million and is currently positioned as the 81st largest crypto.

What Do Technical Indicators Say About Notcoin?

Alongside the Notcoin price decline, most technical indicators represented a slightly negative outlook. The Relative Strength Index (RSI) curve dropped below the midline region, 45 at press time. This conveyed a downtrend on the chart.

Furthermore, the Chaikin Money Flow (CMF) reading pointed out a liquidity exit from the market. This represented a negative sentiment among investors.

Also, the MACD histogram was on the verge of turning red, and a bearish crossover was imminent. It could trigger another selloff ahead.

Futures Market Data Favour Bearish Outlook

The Open Interest (OI) noted a drop alongside the price decline. This signified that long positions had exited, a sign of fear of losing out among the investors.

Over the last 24 hours, the OI shed over 15.28% to $117.20 Million, representing a long unwinding move. The immediate support zones were $0.007400 and $0.007200. At the same time, the resistance levels were $0.008100 and $0.008400.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.