- Notcoin declined 12.20% in seven days, with 2.95% daily gains.
- Market sentiment remained negative as altcoins declined due to Bitcoin’s volatility.
As a researcher with experience in cryptocurrency market analysis, I have closely observed the recent trend of Notcoin (NOT) and other altcoins. Based on the available data, NOT has experienced a downside in the last seven days, declining by 12.20%. However, it showed some positive signs in the previous day with a daily gain of 2.95%.
Over the past week, there’s been a 12.20% drop in Notcoin’s value. Conversely, there was a slight increase of 2.95% within the last 24 hours.
As of the current moment of reporting, NOT was priced at $0.01588 with a 21.89% reduction in trading activity amounting to $527 million. Based on CoinMarketCap data, NOT’s market capitalization stood at $1.6 billion.
Several crypto analysts, including Altcoin Sherpa, have drawn notice to the current drop in value for NOT and other alternative coins. On their Twitter platform, Altcoin Sherpa recently warned that many altcoins are likely to experience a price decrease.
In his tweet, he said,
“It’s likely that many alternative cryptocurrencies still have room to decline, while I prefer to wait until Bitcoin is strongly established before expecting significant gains from altcoins.”
“Given that Bitcoin [BTC] is currently experiencing a 2.84% decrease over the past week, reaching a price of $65k at press time, it seems likely that altcoins will continue to lose value.”
Bitcoin affects altcoins
Several alternative cryptocurrencies have seen significant drops recently. For example, Solana decreased by 10.2% within the past week, Dogecoin [DOGE] fell by 12.67%, Cardano [ADA] declined by 9.74%, and Shiba Inu [SHIB] dropped by 14.11%.
Many alternative cryptocurrencies suffered setbacks due to Bitcoin’s price instability, causing apprehension among investors who were wary of investing in other digital currencies following Bitcoin’s decline from $72,000 to $65,000.
Yet, some cryptocurrency analysts have expressed optimistic views contrary to the general pessimism surrounding NOT. For example, Gbemileke, a renowned crypto analyst, posted on Twitter advocating for the potential of NOT.
“NOT is currently at a POI. I expect it to break out of the zone; that will be bullish.”
I propose that the subject at hand may shift to a bullish trend against the present bearish market sentiment.
Why is Notcoin distinct?
AMBCrypto’s analysis indicated that NOT was in the consolidation phase at press time.
At present, with the support level being $0.0150, the price action is likely to exhibit a consolidation period. During this time, we can expect the prices to fluctuate between around $0.0150 and $0.018, without any substantial advancements or declines.
The RSI analysis showed that NOT defied expectations with a reading of 50 and a moving average of 58 on the Relative Strength Index (RSI) chart.
As a crypto investor, I often look at the RSI (Relative Strength Index) of 50 as a sign of a potentially bullish market. However, it’s important to note that this level of indecision can sometimes lead to unexpected downturns. So, while a 50 RSI may suggest a bullish outlook, it’s crucial to remain cautious and keep an eye on the market for any potential shifts in momentum.
Based on Coingeasity’s data, the amount of cryptocurrencies being sold (short positions) exceeded the amount being bought (long positions) as of the last update. The value of short position liquidations was reported at approximately $593,000, while long position liquidations stood at around $244,000.
These market sentiments showed a bearish market sentiment with a potential further downside.
As an analyst, I’d interpret the data from Santiment this way: I observed that the social media buzz surrounding “NOT” had entered a period of consolidation, indicating a decrease in its dominance within the social media landscape.
A decrease in social status may lead to diminished market appeal and negative sentiment, subsequently resulting in minimal trading activity and muted price fluctuations.
At press time, NOT was enjoying market stability with increased positive market sentiments.
As the crucial support level hovers around $0.150 and is reinforced by upward trends on the daily price graphs, altcoins have the potential to carry on their surge and amplify their gains further.
During the consolidation phase, it is expected that the price will approximately drop to about $0.18 in the near future.
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2024-06-20 20:08