2024-8-16 10:44 |
Telegram Coin Notcoin’s (NOT) price is continuing its long-standing downtrend after failing multiple breaches.
The NOT holders are also seemingly giving up on the bot token, as evidenced by the rise in selling from serious investors.
Notcoin Does Not Fail to DisappointNotcoin’s price is noting the drawdown largely because the hype surrounding Telegram coins is dissipating. To worsen it, the broader market cues aren’t particularly bullish either. Notcoin’s Relative Strength Index (RSI) indicates that the altcoin is struggling to build strong bullish momentum.
This is because the indicator has remained stuck in the negative zone for some days now. This suggests that the altcoin is not generating significant buying interest or upward movement at the moment.
Read More: What is Notcoin (NOT)? A Guide to the Telegram-Based GameFi Token
Notcoin RSI. Source: TradingViewAdditionally, the average holding time for recently transacted NOT tokens has increased from about two weeks to a month. The rise in holding time signals a drop in investor conviction. As the tokens held for a longer time are sold, the investors show that they are less confident in gains.
The extended holding period of these transacted coins reflects a growing uncertainty among serious investors. These investors tend to wait for more favorable market conditions before making moves. Thus, their early moves could be a sign of weakening confidence in the altcoin’s long-term prospects.
Notcoin Average Time Held. Source: IntoTheBlockAs a result, the current trends point to a potential further decline in Notcoin’s price.
NOT Price Prediction: Breaking BarriersNotcoin’s price is currently at $0.0108, moving sideways for the last couple of days. After bouncing off the support floor at $0.0094, the Telegram coin was expected to close above $0.0130.
This would have enabled the altcoin to breach the downtrend line and put an end to the downtrend altogether. However, the trend has been ongoing for nearly two and a half months now, and it has denied the Telegram coin a shot at recovery.
Read More: How To Buy Notcoin (NOT) and Everything You Need To Know
Notcoin Price Analysis. Source: TradingViewThus, if the aforementioned cues are considered, this downtrend might continue. But if the consolidation continues and NOT keeps above $0.0094, it would have a shot at escaping the downtrend.
The post Telegram Coin Notcoin Struggles to Break Free From Persistent Price Decline appeared first on BeInCrypto.
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