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Notcoin price struggles to break free from 3-month downtrend

Notcoin price struggles to break free from 3-month downtrend

GrafaGrafa2024/09/03 01:45
By:Liezl Gambe

Notcoin (CRYPTO:NOT), a Telegram-associated cryptocurrency, continues to face challenges in overcoming a multi-month downtrend.

Despite recent recovery attempts, the market remains slightly bearish, and investor sentiment is cautious.

Since June, NOT has struggled to break above a downward trend line, with multiple failed attempts.

A key factor contributing to this bearish outlook is the dominance of short-term holders (STHs), who control 46% of the circulating supply.

These investors, holding assets for less than a month, are prone to selling.

The dominance of STHs increased after August 22, following the arrest of Telegram CEO Pavel Durov.

This event prompted mid-term holders (MTHs) to offload their holdings.

Over 21 billion NOT, valued at more than $176 million, were moved out of MTH hands within 48 hours, increasing short-term holders and pressuring the price.

Mid-term holders, who typically hold assets for one to twelve months, act as stabilizers.

Although they control 53% of the supply, the selling tendency of short-term holders poses a risk.

The Moving Average Convergence Divergence (MACD) indicator suggests that while bearish momentum is waning, a bullish reversal is not assured without strong market support.

Current conditions do not favor a bullish trend shift, and without significant buying interest or a catalyst, the potential for a breakout remains limited.

Market analysis indicates that Notcoin’s price is likely to move sideways between $0.0094 and $0.0076.

A drop below $0.0076 could push NOT towards its all-time low of $0.0045.

Conversely, if bullish signals emerge, NOT could turn $0.0094 into a support floor, paving the way for recovery.

The market's next moves will determine whether NOT can break free from its consolidation phase or face further declines.

Overall, while selling pressure is easing, the market lacks bullish cues for a reversal.

Without substantial support, NOT may continue sideways or decline, depending on broader market trends and investor sentiment.

At press time, the Notcoin (NOT) price was $0.008371.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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