Notcoin (NOT) is rapidly approaching its all-time low as buying activity sharply declines. The recent arrest of Telegram’s CEO, Pavel Durov, on August 24, triggered a 20% drop in NOT’s value. Currently, the altcoin is trading at $0.0088, inching closer to its all-time low of $0.0046, recorded on May 24.
Declining Market Interest and Activity
Over the past week, Notcoin has witnessed a significant drop in trading activity. According to data from IntoTheBlock, the number of active addresses trading NOT has plummeted by 76%. Fewer people are now engaging with the cryptocurrency, signaling weakening market sentiment. The number of new addresses created to trade NOT has also decreased by 77% in the same period. This steep decline in active and new addresses highlights the dwindling interest in the altcoin.
Whales Seize the Opportunity
Despite the overall decline, NOT whales have increased their accumulation. Large holders have boosted their netflow by 312% in the last seven days. This surge in accumulation began immediately after Durov’s arrest on August 24, as prices of Telegram-related assets plummeted. On August 24, the large holders’ netflow hit a three-month high of 15.33 billion NOT. These large holders, controlling over 0.1% of the asset’s circulating supply, have taken advantage of the falling prices.
Bearish Indicators Point to Further Decline
Technical indicators suggest that NOT may face further declines. The Chaikin Money Flow (CMF) remains in a downtrend, reaching a 30-day low of -0.22. This negative CMF value indicates that liquidity is exiting the market, often a precursor to further price drops. Additionally, the token’s Relative Strength Index (RSI) has fallen below its neutral 50 mark, currently sitting at 35.50. The RSI suggests that selling pressure outweighs buying activity, reinforcing the bearish outlook.
Potential Scenarios Ahead
If selloffs persist, NOT could fall to its all-time low and possibly drop further to around $0.00031. However, if market sentiment shifts and demand for NOT surges, its price could rally toward $0.013. The market’s next moves will be crucial in determining NOT’s future trajectory.
