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The initial excitement surrounding Notcoin (NOT), one of the most notable mini bots on Telegram and a standout in early 2024, has been waning. This decline in investor interest in NOT is likely related to the drops experienced in the last 30 days. Contrary to the market trend, NOT, which was among the top 100 cryptocurrencies with the best performance, saw its value decrease by 30.76% in the last 30 days. However, fears are growing that cryptocurrency holders might continue selling.
Notcoin Comments
On August 20, Notcoin’s price rose to $0.01092. Following this increase, while there were comments suggesting the token could continue its rise, on-chain analyses provided more significant insights into what triggered this rise.
IntoTheBlock data showed that the average holding period of coins traded on Notcoin decreased by 62% over the past week. Additionally, there was a noticeable decline in the volume of coins traded over the last 30 days.
Furthermore, the decrease in the holding period of NOT by investors indicates increased selling pressure and reduced confidence in its short-term potential.
On the other hand, blockchain analyses show that those selling NOT are not just individual investors. Recent indicators suggest that bears are starting to take control.
What Will NOT’s Price Be?
Looking at the graph below for Notcoin, it is evident that the downward trend has not been eliminated. As of the time of writing, NOT is trading at $0.1092. While it seems the price is trying to surpass the 20-day EMA (blue), it remains significantly below the 50 EMA (yellow), as reflected in the graphs.
When the price stays above the EMA, the trend appears to be in an upward direction. However, since NOT’s price remains below these short and medium-term EMA indicators, the trend is considered to be downward.
Despite today’s rise in Notcoin, if the market structure does not improve, the cryptocurrency’s price could drop back to $0.0084. Conversely, if market participants buy the dip and the price moves above the 20 EMA, the trend could reverse, and NOT’s price could reach $0.012 again.
