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Telegram CEO Pavel Durov’s arrest on August 24 led to a drop in Notcoin’s (NOT) price. The altcoin, trading at $0.0088 at the time of writing, has since fallen by 20%. With increasing selling pressure, NOT risks falling to its lowest level of $0.0046 recorded on May 24.
What’s Happening with NOT?
Due to NOT’s recent price struggles, the number of active addresses trading the altcoin has steadily decreased over the past seven days. Data from IntoTheBlock shows a 76% drop in unique addresses completing at least one NOT transaction during this period. Similarly, demand for the altcoin has decreased. Onchain data provider reports a 77% drop in the number of new addresses created to transact NOT last week.
When an asset experiences a decline in daily active and new addresses, it indicates fewer people are interacting with the cryptocurrency and waning market sentiment. Interestingly, despite this decline, NOT whales have increased their accumulation, taking advantage of the situation. The net flow of the token’s large holders has increased by 312% over the past seven days. For context, this data reached a three-month high of 15.33 billion NOT on August 24 following the news of Durov’s arrest, causing the prices of Telegram-based assets to drop.
Large investors are addresses holding more than 0.1% of an asset’s circulating supply. Their net flow measures the difference between the amount of coins they bought and sold over a specific period. When the net flow of large holders increases, it indicates whale addresses are accumulating more assets and increasing their overall holdings.
NOT Chart Analysis
NOT’s technical setup indicates potential for further decline in the token’s value. The Chaikin Money Flow (CMF) remains in a downtrend, reaching a 30-day low of -0.22. CMF measures the money flow into and out of an asset. A value below zero indicates market weakness and that liquidity is exiting the market, often seen as a precursor to further price declines.
Moreover, the token’s Relative Strength Index (RSI) is currently at 35.50, below the neutral 50 mark. This indicates that selling pressure is stronger than buying activity, reinforcing the bearish outlook. If NOT’s sales continue, the altcoin’s value could drop to an all-time low, potentially reaching around $0.00031. Conversely, if market sentiment shifts and demand for NOT increases, its price could rise towards $0.013.
