In the broader context of the crypto market sell-off, the Notcoin (NOT) price dropped from an intraday high of $0.01216 to an intraday low of $0.009242 before finding support. The main reasons for this are the sell-off experienced last night on Bitcoin, the anticipation of more bearish trends following the Mt. Gox repayment plan, and the sell-off of their Bitcoin holdings by the German government.

Source: CoinMarketCap

Notcoin (NOT) still kept the bearishness at press time, exchanging hands at $0.009865, 16% below the resistance level. Such moves were also followed by the entire crypto market, which led to total capitalization declining by 8.48% to $1.97 trillion. NOT’s market capitalization also dropped by 16% to $1,008,126,728, while the 24-hour trading volume surged by 34% to $398,127,756 as traders hurried to buy in on the dip.

Notcoin Bears Dominate the Market

Notcoin (NOT) has been under the bearish solid dominance; this is much clearer if you have a look at its recent performance. The Altcoin fell down the bar and got below its 20 and 50 EMA on the 4-hour chart, which clearly signals a solid bearish trend.

This was further confirmed as sellers resumed their onslaught, making NOT take a U-turn from its resistance at $0.02.

The price action revealed a falling wedge pattern for NOT, typically a bullish reversal sign. However, a recent death cross on the 20/50 EMA suggests the possibility of rough roads before a possible recovery. Buyers are, as a result are advised to wait for a close above the current falling wedge to be sure that any possibility of an uptrend is validated.

Open Interest and Market Sentiment

An analysis of the Open Interest showed that sellers were relatively well placed in comparison. The Open Interest across exchanges for NOT fell by nearly 5% over the last 24 hours, which approximates the last one-day price fall, which was almost 6%.

Further, the 24-hour long/short ratio is approximately 0.88, indicative of a slightly bearish sentiment.

However, with the price trend on the decline and speculative activity drying up, NOT will witness a change in trend and begin an uptrend toward $0.016, provided the overall market becomes active and more liquid, especially the derivatives market.

Challenges Ahead for Notcoin

While it’s likely that there are chances of a bullish reversal for NOT, several risks and obstacles are worth considering. The cryptocurrency continues to trade under the Ichimoku Cloud, indicating possible resistance in the short term.

The Ichimoku Cloud, a technical indicator that measures momentum and trend direction, indicates the current trend is down; this will add further resistance for NOT to break above. If it does, then probably a price increase to around $0.016 or even into the vicinity of $0.018 in the short term.

There, resistance is likely to be met on a bearish rejection that pushes the Open Interest lower again to the $0.011 price level, which will very well show, once more, how risky these market conditions are.

Notcoin’s Strategic Partnership with Helika

Concurrently, Notcoin announced its partnership with the Helika platform for Web3 gaming analytics in launching the Telegram Gaming Accelerator program. The $50 million initiative will as a result be invested in assisting game makers in creating groundbreaking games for the Telegram platform and TON blockchain.

The collaboration is expected to set Notcoin on a new level within the Web3 gaming world, leveraging Helika’s strength in data analytics and game management. This support program is for game studios, mobile applications, and indie developers to provide them with all the necessary tools and funds to create exciting gaming experiences on Telegram.