- NOT has declined by 20.12% over the past month.
- An analyst predicts a further dip for NOT to $0.0031 as bears dominate the market.
Over the past two weeks, Notcoin [NOT] has faced strong downward pressure. During this period, NOT dipped from a local high of $0.01 to a low of $0.0049.
At press time, Notcoin was trading at $0.0055. This marked a 2.72% drop on daily charts. The memecoin has also dropped on weekly and monthly charts by 8.28% and 20.12% respectively.
This sustained downtrend has analysts worried about further dips. Popular crypto analyst Ali Martinez suggested a potential drop to $0.0031.
Market sentiment analyzed
In his analysis, Martinez observed that Notcoin has broken a key support level and is now on the verge of a potential decline.
With this downward movement, NOT could drop to $0.0031 if the conditions remain the same. This arises from reduced demand for Notcoin as most memecoin liquidity is now transferred to the newly launched Trump coin.
When the market sees less demand and increased decline, holders turn bearish, close their positions, and seek refuge elsewhere.
This bearish sentiment has taken hold of Notcoin’s market over the past week. This is evidenced by a negative Weighted Sentiment, which has remained so for the past six days.
With investors continually turning bearish, NOT could see more losses on its price charts.
What the charts suggest
According to AMBCrypto’s analysis, Notcoin is experiencing strong bearish sentiments, with bears having total control of the market.
For starters, we can see this bearishness as most investors are taking short positions. According to Coinglass, 51% of traders are going short on daily timeframes.
When shorts dominate the market, it reflects bearish sentiments as they expect prices to decline.
Notcoin’s Open Interest (OI) per exchange has sharply declined, dropping from $29 million to $24 million. This decline in OI implies that most traders are closing their positions.
While they close their trades, new entrants are avoiding the market for now due to heightened volatility.
Read Notcoin’s [NOT] Price Prediction 2024–2025
Notcoin is currently experiencing strong downward pressure. Unless buyers take the recent dip as a buying opportunity, NOT will continue to decline.
If the current market conditions continue, NOT could dip to $0.0046. If investors buy the dip, a reversal could emerge and reclaim $0.0061.
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2025-01-21 06:17