The past 24 hours have been challenging for Notcoin (NOT) as its price continues to move within a well-defined bearish channel. As of the latest data from the 1-hour chart, NOT is trading at $0.00746, up 2.31%. Despite some attempts at recovery, the token remains under selling pressure, testing the lower bounds of the channel.

Bearish Channel and Moving Averages

Notcoin’s price action has been largely dictated by the descending channel that has been forming for the past few days. The upper and lower boundaries of the channel have consistently acted as resistance and support, respectively. Currently, NOT struggles to break free from this bearish pattern, with the upper boundary at $0.00775 and the lower boundary just below $0.00700.

A look at the exponential moving averages (EMA) reinforces the bearish sentiment. The EMA 20, 50, 100, and 200 are all aligned in descending order, further indicating that the downward trend is likely to continue unless there’s a significant change in buying momentum. As indicated by the EMA 200, the closest resistance level is at $0.00813, a critical area that bulls will need to reclaim to regain market control.

Related article: Toncoin Price 24-Hours Analysis: TON Faces Bearish Pressure After Breakthrough Attempt at $4.87

Average Sentiment Oscillator (ASO): Mixed Signals

The Average Sentiment Oscillator (ASO) provides mixed signals, with the blue line currently at 53.09815 and the red line at 46.90185. This divergence suggests that momentum attempts to shift towards the bulls, but the strength remains weak. Crossing these lines could signify a potential change in direction, but for now, the bears maintain the upper hand.

What’s Next for Notcoin?

For NOT to break out of this bearish trend, it must first conquer the immediate resistance at the channel’s upper boundary and push past the EMA 50 and 100 levels. Failure to do so could see the token testing new lows, especially if the bearish momentum continues.

Investors should watch for a break below the channel’s lower boundary, which could signal a further decline. Conversely, a breakout above $0.00775 could indicate a reversal, setting the stage for a potential rally towards $0.00800.

While Notcoin shows some signs of resilience, it remains trapped in a bearish pattern. Traders and investors should exercise caution and closely monitor the key levels discussed. The next few hours will be critical in determining the token’s short-term direction.