NOT is approaching its historical low, can it still rebound?

Original title: Notcoin (NOT) Approaches All-Time Low Amid Sharp Decline in Buying Activity

Original source: BeInCrypto

Notcoin (NOT) has been on a downward trend since the arrest of Telegram CEO Pavel Durov on August 24. As of press time, the altcoin is trading at $0.0088, having lost 20% of its value.

With the rise in selling pressure, NOT is at risk of falling to its all-time low of $0.0046 set on May 24.

Notcoin Whales See Opportunity

Due to NOT’s recent price volatility, the number of active addresses trading the altcoin has continued to decline over the past seven days. Data from IntoTheBlock shows that the number of unique addresses that completed at least one NOT transaction during this period fell by 76%.

Similarly, demand for altcoins has weakened. The on-chain data provider reports that the number of new addresses used to transact NOT has fallen by 77% over the past week.

Notcoin Daily Active Addresses. Source: IntoTheBlock

When the number of daily active addresses and new addresses for a certain asset declines, it indicates a decline in interest and fewer people are participating in the cryptocurrency, indicating weakening market sentiment.

Interestingly, despite this decline, NOT whales have taken advantage of the situation to increase their accumulation. Over the past seven days, net flows from large holders of the token have surged by 312%. For context, this metric hit a three-month high of 15.33 billion NOT on August 24, following news of Durov’s arrest, which caused the price of Telegram-based assets to plummet.

Notcoin Large Holder Net Flow. Source: IntoTheBlock

Holders are addresses that hold more than 0.1% of an asset’s circulating supply. Their net flow measures the difference between the number of tokens they bought and the number of tokens they sold during a specific period. When net flows surge, it indicates that whale addresses are accumulating more assets, increasing their overall holdings.

NOT Price Prediction: Hard Times Are Not Over Yet

NOT’s technical indicators suggest that the token’s value could fall further. The Chaikin Money Flow (CMF) remains in a downtrend, hitting a 30-day low of -0.22.

The CMF measures the amount of money flowing in and out of an asset. Values below zero indicate market weakness, suggesting that liquidity is exiting the market, which is often seen as a precursor to further price declines.

Additionally, the token’s Relative Strength Index (RSI) is currently below the neutral 50 mark at 35.50. This suggests that selling pressure is greater than buying activity, reinforcing the bearish outlook.

Notcoin Price Analysis Source: TradingView

If the sell-off in NOT continues, the value of the altcoin could fall back to its all-time lows and could fall further to around $0.00031. On the other hand, if the market sentiment changes and the demand for NOT surges, its price could rebound to $0.013.

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