As a seasoned researcher with years of experience navigating the cryptocurrency market, I find myself deeply concerned about Notcoin (NOT) at this juncture. The consistent downtrend since August, coupled with the recent plunge below critical support levels, paints a grim picture for investors.
Since the end of August, Notcoin has seen a continuous decline after dropping from an important psychological support point.
Starting from August 24th, Notcoin (NOT) entered a downtrend as it dropped below the significant $0.01 mark, which served as its support. On the following day, NOT continued to fall, dipping even lower than the Fibonacci Pivot support at $0.00986, thus confirming its status in a bearish market condition.
On August 26th, the forecast for the asset deteriorated, aligning with reports of the arrest of Telegram’s founder, Pavel Durov. This news led to a significant 12.47% decrease, marking the most pronounced drop since August 7th.
After that, Notcoin experienced a phase of holding steady, as its prices momentarily leveled out. Yet, September witnessed an increase in pessimistic feelings towards cryptocurrencies overall, intensifying the already gloomy state for Notcoin.
At the moment, Notcoin is being sold for $0.00754, which represents a four-month low. This indicates a drop of 34% compared to its price on Aug. 24, when it was valued at $0.01142.
Additionally, it’s worth noting that the daily RSI (Relative Strength Index) of the asset has been gradually decreasing and currently stands at 32, indicating that Notcoin might be slightly overbought. If there are further significant price drops, it could potentially cause a fall below 30, leading Notcoin into significantly oversold regions.
If the price fails to surpass and sustain above $0.00772, this might hint at the onset of a period of stabilization, or potentially indicate a start of a rebound.
On the other hand, a decreasing Relative Strength Index (RSI) implies persistent bearish influence, potentially causing additional declines. If prices fall beyond this level, there may be further losses, with the next substantial support found at approximately $0.00640.
On a positive note, if the price rebounds close to the Pivot point of $0.00986, it might indicate an effort towards recovery. However, for the bulls to regain this level and push beyond, they’d require strong power and substantial momentum, they would-R rational, suggesting a challenge against the resistance at $0.01200.
If there’s no significant demand for it, Notcoin may suffer greater losses, so the current support points are critical in predicting its next action.
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2024-09-04 12:41