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.
The post Notcoin (NOT) Price Struggles to Escape Bearish Trend appeared first on BeInCrypto.
