Notcoin Faces Market Volatility: Struggles to Retain Gains Amid Uncertainty

In Brief:

Notcoin (NOT) is grappling with market volatility, having dropped 78% from its all-time high, and faces resistance at crucial price levels.

The Money Flow Index indicates low buying pressure, suggesting challenges in Notcoin's short-term recovery efforts.

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Notcoin Faces Market Volatility: Struggles to Retain Gains Amid Uncertainty

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After a promising start, Notcoin (NOT) is now facing significant market volatility that threatens its recent gains. Initially launched as a major Telegram tap-to-earn project, Notcoin distributed millions of tokens, leading to a price decline shortly after its debut.

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Resistance Levels and Technical Indicators

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By June, Notcoin had briefly rebounded, reaching an all-time high of $0.028. However, the token has since fallen 78% from that peak, currently trading at $0.0074. Resistance at $0.0085 and $0.0090 poses significant challenges to upward momentum, as indicated by the 4-hour chart.

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The Money Flow Index (MFI), a key technical indicator, shows a reading of 23.39, highlighting minimal buying pressure and suggesting that a rebound might not occur soon. The daily chart supports this analysis, with Notcoin struggling to surpass $0.012 in late August, eventually dropping below $0.010.

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Potential for Recovery

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For Notcoin to regain lost ground, it must first retest the support at $0.0078 and aim to break above the resistance at $0.0082. If the MFI dips below 20.00, Notcoin could be considered oversold, potentially setting the stage for a rebound. However, market conditions remain challenging, and any recovery attempts may face significant resistance.

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