Red Alert for Notcoin: Single-Day 8% Slump Sparks Fears of a Further Fall

• Notcoin has lost over 8%, currently trading at $0.0019.
• NOT’s daily trading volume has surged by 18%.

The cryptocurrency market’s recovery attempts have failed, with all major assets painted in red, trading on the downside. Notably, the largest asset, Bitcoin (BTC), has fallen toward the $113.8K range. Meanwhile, Ethereum (ETH), the largest altcoin, hovers at $3.6K, triggering the altcoins to shed their recent gains in the price movement.

Within the altcoin sector, Notcoin (NOT) has emerged as one of the trending coins, posting an 8.07% loss in price following the bearish pressure. In the early hours, NOT was trading at a high of $0.002132, with bullish candles. Later, the bears took command of the asset and pulled back the price to a low of $0.00195.

At the time of writing, Notcoin traded within the $0.001969 mark, as per CoinMarketCap data. In addition, the market cap has reached $197.21 million, with the daily trading volume of NOT surging by over 18.47%, likely touching the $30.35 million level.

Following this, NOT might slip and test the nearest $0.001963 support, and more losses could invite the death cross to unfold. The bears may send the price toward its former low of around $0.001957. Assuming the Notcoin bulls gain momentum, the price could immediately climb to the resistance at the $0.001975 range. Continued gains might trigger the golden cross to take place and drive the asset price above $0.001981.

Notcoin Technical Indicators: Is It Caught in a Bearish Grip?

On analyzing Notcoin’s technical indicators, the Moving Average Convergence Divergence line sits below, and the signal line is above the zero line. This crossover implies an overall bearish momentum. If the MACD moves up to the zero line, it could signal a bullish trend reversal, as reported by TradingView.

NOT chart (Source: TradingView)

Besides, the asset’s Chaikin Money Flow (CMF) indicator is found at -0.21, pointing at the selling pressure in the market. Also, the capital has been flowing out of the asset rather than into it. Further fall in value hints at strong bearish sentiment, and the price may continue to face downward pressure unless a reversal occurs.

NOT chart (Source: TradingView)

Notcoin’s daily Relative Strength Index (RSI) stands at 37.20, suggesting its bearish zone, and may hit the oversold territory. The weak momentum has the potential for a reversal if buying pressure increases. Moreover, the Bull Bear Power (BBP) reading of the asset at -0.000184 indicates that the bears currently have slight control over the market.

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