Notcoin (NOT) has been on a noticeable decline, shedding approximately 40% of its value over the past nine days. Currently, the 4-hour chart demonstrates a clear bearish trend, with the price now hovering around $0.01702. This marks a significant drop, positioning Notcoin close to critical support levels that could determine its short-term market trajectory.
The technical outlook for NOT is grim as it follows a descending pattern, breaking past several support levels without signs of recovery. The current trading price represents a slight 5.86% decrease over the last 24 hours alone. Despite this, the market capitalization remains robust at about $1.74 billion, and the circulating supply is reported at 102.7 billion NOT tokens, pointing to substantial market engagement despite the price setbacks.
Previously, Notcoin touched an all-time high of $0.02896 earlier in June 2024, showcasing its capacity for swift and substantial price movements. However, the current market dynamics have shifted, and investors are advised to closely monitor the emerging support at $0.01650. A break below this level could lead to further losses, potentially testing the next support zone around $0.01500.
NOT Falls Below Key Support, Traders Eye Potential Rebound
Notcoin price analysis shows NOT has corrected sharply to $0.01968, indicating potential oversold conditions as evidenced by the Stochastic RSI at 19.30 on the daily chart. This low value typically suggests a possible turnaround or at least a stabilization in the near term.
The price currently hovers near the Parabolic SAR markers, suggesting that the downtrend might be losing steam. If NOT maintains its current level and prevents further dips, it might test the immediate resistance at $0.020, which aligns with recent price spikes. However, continued pressure could see it challenging the support level around $0.018.
The key resistance levels to watch in a potential reversal include $0.01800 and $0.01900. Recovery above these points could signal a short-term bullish correction, but the prevailing market sentiment remains bearish.
