Notcoin (NOT) is under intense bearish pressure, with its price breaking below a critical support level. This breakdown signals a fresh descending trend that could erase 25% of its recent gains. This decline may bring the price close to the lows seen in July 2024.
Market Dynamics and Recent Trends
The cryptocurrency market is constantly evolving, with some tokens showing significant volatility, while others remain stagnant. Top cryptocurrencies like BinanceCoin (BNB), Cardano (ADA), and Toncoin (TON) are trading within narrow ranges, avoiding major fluctuations. In contrast, Notcoin is losing its grip on the market rally and might return to levels seen during its early days.
The NOT price rally, which had been limited for some time, fell into a deep bearish trap. After losing 50% of its value, traders expected a strong rebound. However, the token broke through a crucial support phase, confirming the start of a new downward trend.
Bearish Trend and Technical Indicators
The price chart shows that Notcoin lost its upward momentum after breaking below a symmetrical triangle pattern. Previously, when NOT dipped below support, bullish traders quickly triggered a rebound. Unfortunately, the current market setup leaves little room for bulls to regain control. The bears have gained strength, pushing the price into a continuous decline.
Technical indicators further support this bearish outlook. The stochastic RSI, which measures the strength and weakness of the relative strength index (RSI), is moving towards the upper threshold. This movement suggests that the RSI may face rejection, with the stochastic RSI preparing for a bearish crossover. As a result, the ongoing bearish trend will likely continue, driving the NOT price below $0.009.
What Lies Ahead for Notcoin?
The current downtrend may attract traders’ attention once the price approaches this key support level. While bulls may attempt to regain control, the bearish trend will likely persist without a significant influx of buying volume. For now, Notcoin remains under bearish influence, with the potential for further declines.
In conclusion, unless there is a substantial increase in buying interest, Notcoin’s price may continue its downward trajectory, potentially adding another zero to its value.
