Analysis
September 6, 2024 3:49 PM
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.
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.
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.
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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