- Notcoin formed a bearish market structure after slipping below the range low.
- The 78.6% Fibonacci retracement level is the next price target.
As a seasoned financial analyst with extensive experience in the cryptocurrency market, I have closely monitored Notcoin’s price action over the past few weeks. The recent bearish pressure on NOT is concerning, as it threatens to erase the gains made after breaking out above the trendline resistance earlier this month.
The cost of NOT token was showing signs of decreasing once more, which was disappointing news for investors following its surge above the trendline resistance on the 6th of July. This downward momentum might undo the advancements achieved during the current month.
As a crypto investor, I’d rephrase it this way: Based on previous analysis, NOT showed signs of bearishness. However, its price has since dropped below the recent support level and is currently trending towards the nearby lows at $0.0099.
The Notcoin downtrend was gathering strength
Two weeks ago, NOT hovered between $0.0145 and $0.0175, forming a price range. However, over the last week, this cryptocurrency experienced a 15.8% decline in value.
Additionally, the range low and the 61.8% retracement level at $0.014 were flipped to resistance.
As an analyst, I would interpret the RSI’s value being below the neutral 50 level as a sign of downward momentum in the market. Furthermore, when the -DI line crossed above the +DI line on the 23rd of July, it suggested to me that a bearish trend was emerging and gaining strength.
The OBV has also been sliding lower in the past three weeks.
Based on current market trends, it seems reasonable to anticipate that Notcoin’s price may reach the $0.00989 support level in the near future due to persistent selling pressure and downward momentum.
Futures sentiment is predominantly bearish
Starting from July 20th, the cost and Open Interest for Notcoin have been decreasing. Occasionally, there were brief upticks in these metrics that persisted for just a few hours. However, the predominant trend suggested a pessimistic outlook on the market.
Is your portfolio green? Check the Notcoin Profit Calculator
The downtrend in the specific area for Cardiovascular Diseases (CVD) persisted, indicating that sellers held significant power. Despite a nominal bullishness in the funding rate, it did not indicate a forthcoming price increase.
Hence, traders can expect losses to continue for NOT.
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2024-07-29 03:45