2024-6-19 18:00 |
The recent surge in Telegram Coins has placed Notcoin (NOT) in the limelight, and many people have jumped to invest in it.
However, after a good run, the altcoin seems to be losing its momentum, and so are the investors when it comes to bullishness.
Notcoin Is Not RecoveringNotcoin’s price is currently in a downtrend, and despite an attempt to break out of it, not much has changed. The consequent shift in sentiment among NOT holders is now becoming much clearer.
Nevertheless, the altcoin will be safe from falling below the support at $0.015 since the Telegram Coin’s short-term outlook is bullish.
The Moving Average Convergence Divergence (MACD) indicates that Notcoin is experiencing a bullish crossover in a short-term timeframe. This technical signal typically suggests a potential upward momentum as the MACD line crosses above the signal line, hinting at a possible increase in buying pressure and a positive shift in market sentiment for Notcoin.
Notcoin MACD. Source: TradingViewHowever, despite this bullish indicator, investors remain pessimistic about a recovery. They are leaning towards a decline, as evidenced by the negative funding rate for the first time this month.
This negative funding rate implies that short contracts are prevailing in the market, with investors betting on a price drop rather than a rise. This reflects a bearish outlook despite the short-term bullish crossover indicated by the MACD.
Read More: How To Buy Notcoin (NOT) and Everything You Need To Know
Notcoin Funding Rate. Source: CoinglassThus, as the altcoin progresses, it might not witness a drawdown, but a rally is out of the question completely.
NOT Price Prediction: Preventing a FallFor now, Notcoin’s price is safe from losing the critical support of $0.015. It will likely move sideways under $0.018 until it gains enough momentum to chart a rally again.
The downtrend line that NOT has been under for weeks now before the fake-out will come into effect again. If the Telegram Coin breaches this line, the altcoin can expect a more bullish outcome.
Read More: Notcoin (NOT) Price Prediction 2024/2025/2030
Notcoin Price Analysis. Source: TradingViewHowever, if the investors’ decision to stay bearish remains unchanged, there is a good chance that Notcoin could fall below the support of $0.015. Losing it would not only invalidate the bullish thesis but also mark lower lows for NOT around $0.014 and $0.013.
The post This Telegram Coin Struggles, Fails to Break Downtrend appeared first on BeInCrypto.
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