Notcoin (NOT) has witnessed increased volatility over the past day, with sellers firmly dominating the market. The token is approaching a key support level, and technical indicators signal that this might be a make-or-break moment for the price. Here’s a detailed analysis of the market sentiment using the 24-hour price movement and critical indicators like moving averages and the RSI.

Downward Pressure from EMAs

The price action shows Notcoin trading at 0.00729, below several significant EMAs. The 20, 50, and 100 EMAs have acted as strong resistances, preventing any sustained upside moves. The 20 EMA, specifically at 0.00736, has been the most recent ceiling for the token’s attempts at recovery, while the 50 and 100 EMAs, at 0.00738 and 0.00747, respectively, present additional barriers.

The long-term bearish sentiment is evident, as Notcoin is significantly below the 200 EMA at 0.00760. This suggests that the token is still under intense downward pressure, and a reversal will be difficult without significant bullish momentum breaking through this level.

Bearish Divergence Detected on RSI

The RSI Divergence indicator reveals a bearish divergence, with an RSI reading of -8.26. This divergence underscores the weakening momentum in Notcoin’s price, indicating that further downward movement could be on the horizon. In particular, the RSI is now confirming that bears are firmly in control, and any potential upward recovery may be short-lived unless buying interest significantly picks up.

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Support is holding around 0.00710, a level tested multiple times in recent trading sessions. Should the price break below this, the next major support will likely be around the 0.00700 mark. Traders should closely monitor this support zone, as a break could trigger more significant downside movement.

On the other hand, the immediate resistance is at the 0.00747 mark, aligning with the 100 EMA. A breach above this level would be the first sign of a potential recovery, but traders should remain cautious until the 200 EMA at 0.00760 is convincingly broken.

Conclusion

Notcoin remains precarious as it hovers near its key support at 0.00710. The bearish divergence on the RSI and price action below all major EMAs suggest that the downward momentum is likely to persist. Breaking below the support at 0.00710 could open the door for further losses, while resistance at 0.00747 remains a key level for any bullish attempt.