Notcoin (NOT) has struggled to find a solid support level over the past 24 hours, with the price hovering around $0.00754.It has since declined by 10.07%. Despite attempts to regain momentum, the token remains under heavy selling pressure. Key indicators suggest that the market remains bearish, and the token’s future direction could depend on its ability to hold key support levels. Analyzing the technical indicators provides insight into the ongoing price movements and potential scenarios for Notcoin in the coming days.

EMA Confluence Indicates Weak Recovery Potential

The exponential moving averages (EMAs) play a significant role in analyzing Notcoin’s price movement. Currently, the token is trading below the 20-period EMA at $0.00782, the 50-period EMA at $0.00804, and even the 100-period and 200-period EMAs, which stand at $0.00821 and $0.00857, respectively. This confluence of EMAs above the current price level is a bearish signal, indicating that any recovery attempts will likely face significant resistance. The downward-sloping EMAs also confirm that the overall market sentiment remains negative, and any upward movements may be short-lived.

Selling Pressure Dominates Market Dynamics

The consistent selling pressure observed in Notcoin’s price action indicates that bears still control the market. The formation of lower highs and lower lows clearly indicates that sellers outweigh buyers. This pattern suggests that the token is likely to continue its downward trajectory unless it can establish a solid support level and attract sufficient buying interest.

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ASO Shows Bearish Divergence

The Average Sentiment Oscillator (ASO) further highlights the bearish momentum in the market. The red line at 71.70 significantly outpaces the blue line at 28.29, signalling a strong divergence that reflects heavy selling pressure. This gap between the ASO lines suggests that there is still significant downside risk. With no signs of a bullish crossover, the likelihood of a near-term recovery remains low.

Conclusion

Notcoin has struggled to stabilise over the past 24 hours, with several indicators pointing to continued bearishness. The current EMA alignment and the strong bearish signals from the ASO suggest that the token is still in a downtrend. For Notcoin to break free from the current bearish cycle, the market will need to see a significant shift in momentum. Until then, further price declines are possible, and traders should remain cautious.