Notcoin (NOT) is experiencing a downward pressure and also showing a resilience despite the bearish market conditions. The NOT price over the 24 hours is showing stability, but over the last week it is also down by 3.21%.
At the time of writing, NOT is trading at $0.001846 with a 24-hour trading volume of $12.47 million, down by 13.79% over the last 24 hours. The token has a market capitalization of $183.69 million, which is stable.
Source: CoinMarketCap
The general market trend has turned bearish due to BTC’s downward movement and high volatility in the crypto sector. The lower investor confidence has badly impacted the overall market, including altcoins like NOT.
Also Read: Notcoin Price Forecast: Rising Momentum Could Drive Price Toward $0.00290
According to crypto analysts BitMonty, Notcoin (NOT) is forming in a downtrending triangle on the weekly time frame, holding strongly above a strong demand area. Such a prolonged accumulation is a sign of pressure buildup, and a squeeze and rapid breakout are on the cards once the shape is completed.
Source: X
Technicians have set near-term targets at $0.003371, $0.004079, and $0.004937 if buying pressure conforms to the higher end. As long as the price remains above the demand zone, the setup remains favorable for bulls, and increasing market interest adds the possibility of a breakout in the near future.
The price chart illustrates that NOT is ranging in a consolidating area between $0.00185 and $0.00194, and there have been several failed breakout attempts upwards. The 20, 50, 100, and 200 EMAs reside above price action, implying bear pressure and resistance above. The latest candles indicate indecision, and there have been tiny-bodied formations around the area of support levels.
Source: TradingView
The RSI stands at 44.67, slightly below neutral, recording weak bearish pressure but not quite oversold. The MACD is horizontal and around zero, which is a poor momentum and no strong trend bias indication. Overall, the market is range-bound, and here the sellers have a slight advantage.
According to the data from CMC, the latest community sentiment, receiving more than 127.1K votes, illustrates overwhelming bullishness dominating the market. 84% of participants are supporting the bulls, which indicates optimism about a future upsurge in the asset.
Source: CMC
Conversely, 16% of voters only remain bearish, which implies minimal hopes for a bearish shift. Such overwhelming bias is an indication of increasing optimism among investors since market sentiments lean towards improving conditions.
Also Read: Notcoin Price Prediction: Will NOT Hold $0.00166 Support and Rally Toward $0.00250?
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