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The price of Notcoin, which fell by 28% in the last 30 days, started to rise today. At the time of writing, the price of NOT was trading at $0.0084, indicating that broader market conditions might be stabilizing. Can the cryptocurrency maintain this increase? We analyze it with on-chain data and chart analysis.
What Is Happening with NOT?
Three months ago, Notcoin (NOT) managed to reach an all-time high of $0.028. This increase occurred a few weeks after Telegram’s touch-to-earn mining project conducted an airdrop event for its users. Since then, the price of NOT has dropped significantly by 70% due to substantial profit-taking and issues surrounding Telegram CEO Pavel Durov.
Despite these setbacks, data from Santiment shows a shift in sentiment from bearish to bullish. On September 1, Notcoin’s Weighted Sentiment was -0.66. Increases in this data indicate many positive mentions of a project, while a decrease reflects a bearish trend. As of now, the sentiment has improved to -0.21, indicating a significant reduction in online negative sentiment. If the data rises into the positive territory, it could lead to increased demand for the token.
Despite the recent downtrend, Notcoin holders have shown significant patience. According to data from IntoTheBlock, the average holding period for traded assets increased by 247% in the last seven days. This data reflects the duration a cryptocurrency is held before being traded. A decrease in holding period usually indicates more market participants are selling, which can exert downward pressure on the price.
NOT Chart Analysis
On the daily chart, Notcoin appears to be breaking out of the downtrend it has faced since July and is trading around the $0.0084 support level, which triggered the rise to $0.028 in June. However, this does not guarantee a repeat of the previous process.
Attempts to retest $0.014 have failed, indicating it could be a challenging target. If the bulls can defend the $0.0084 support, Notcoin’s initial target could be around $0.0095 and potentially rise to $0.010. However, if the token falls below the critical support, these scenarios could be invalidated, and if that happens, Notcoin’s price could drop to $0.0077.
