Notcoin Price Struggling: Further Correction On Its Way?

Notcoin (NOT) price was facing bearish pressure and trading in a bearish tone at press time. Amid the recent hype of Telegram, the NOT token was struggling to hold the gains.

In addition, the broader market cues were not bullish either. It fueled the bearish sentiment, resulting in a significant drawdown in the NOT token value.

Notcoin price slipped to a three-month low region and depicted sellers’ dominance. Despite token’s price hovering in a range for the past month, bears successfully breached the prompt support of $0.0800. They were making attempts to reach the 52-week low level near $0.00470.

The NOT bulls have taken their step back, resulting in a drop in the token’s price. Amid the continuous disappointment and bearish streak, the token has experienced over 40% decline in the last ten sessions.

Notcoin Price Prediction: Will the Drawdown Continue?

Notcoin price could not secure the neckline level of $0.0080 and faced a breakdown this week. Since the beginning of September, NOT price has continued to lose gains. It persistently traded downwards.

At press time, Notcoin traded at $0.00759 with an intraday rise of over 1.19%, underlining a slight up move. It had a market cap of $779.03 Million and a circulating supply of 102.71 Billion.

Notcoin’s RSI curve was hovering in the oversold region and showed a bearish momentum. A declining RSI meant that investors were continuously selling their NOT tokens.

However, the Chaikin Money Flow (CMF) indicator indicated that the altcoin was struggling to attract significant inflows from investors. The lack of substantial inflows hinted at the decreased confidence among the investors, hence the significant price decline.

Trading below the key EMAs, the token has delivered a sustained downmove. It failed to attain traction over the past few weeks.

The recent price action showed consolidation and conveyed a lack of volume support. Since the inflows are not strong enough, the token could see further declines ahead.

The Notcoin price’s recent correction over the last couple of days brought the altcoin to a severe downtrend. That resulted in heightened selling pressure and a significant underperformance.

Analysts’ Opinion

Crypto Analyst CryptoBullet (@CryptoBullet), in his tweet, shared his bullish opinion. He stated that the NOT crypto is near its 3-month correction end. It could recover in the short term.

$NOT #Notcoin Macro chart
(chart request)

It was a nice 3-Month Correction and I think it’s coming to an end. We already see a potential Bull Div on RSI

🎯 Macro Target 1 – $0.04-0.05
🎯 Macro Target 2 – $0.15 (Bull Market Blow-off Top) pic.twitter.com/9dw3zeFoZb

— CryptoBullet (@CryptoBullet1) September 5, 2024

The Funding Rate has been oscillating between negative and positive. It exhibited uncertainty among investors. However, it stayed at +0.0050 at press time, underlining the bullish sentiment.

The continuous change in the funding rate highlighted the mixed cues among the investors.

However, the sentiment reflected a slightly bullish outlook, as investors were willing to pay a premium to maintain their long positions.

Funding Rate Data | Source: Coinglass

In the last 24 hours, the Futures Open Interest shed over 0.19% to $122.53 Million. It indicated a slight short covering move.

The immediate support levels were near $0.00700 and $0.006800. The prompt resistance levels were close to the $0.007800 and $0.00800 mark.

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