beincrypto.com
Notcoin (NOT) bears have a clear objective: to push the altcoin’s price back to its all-time low of $0.005. This is reflected in the token’s struggle to break above the descending trend line it has traded below since July.
Coupled with declining network activity, the Telegram-linked token could face an additional 29% drop in price.
Notcoin Demand Continues to Plummet
BeinCrypto’s analysis of Notcoin’s one-day chart reveals that the asset has been moving under a descending resistance line since July 20. This pattern indicates a bearish trend, suggesting a gradual decline in the asset’s price.
NOT’s 4% price increase over the past week suggests an effort to break above the descending resistance line. However, if this attempt fails, it will likely signal a rejection of the uptrend and a continuation of the downtrend.
The token’s declining network and whale activity further reinforce this outlook. On-chain data indicates a decrease in both daily active and new addresses trading Notcoin. Over the past week, daily active addresses for NOT dropped by 17%, while new addresses created to trade the altcoin fell by 16%.
NOT whales have significantly reduced their exposure, as shown by the sharp decline in large transactions. Over the past 30 days, the number of NOT transactions valued between $100,000 and $1 million has dropped by 92%, highlighting the lack of interest among major holders.
In the same 30-day period, the number of larger transactions, ranging from $1 million to $10 million, has decreased by 66%.
Read more: Notcoin (NOT) Price Prediction 2024/2025/2030
NOT Price Prediction: A Revisit to All-Time Low Imminent
Despite the 4% price rise over the past week, bearish bias trails Notcoin. This is reflected in its persistently negative Elder-Ray Index, which measures the bull-bear power in the market. This indicator stands at -0.00024 at press time, suggesting that bear power is dominant.
If the attempt to break above the descending trend line fails, NOT will resume its downtrend. As selling pressure mounts, it may fall toward its all-time low of $0.0048, which it last traded at on May 24.
Read more: 5 Top Notcoin Wallets in 2024
However, if the token witnesses a shift in market sentiment from negative to positive, its price may climb toward $0.011, invalidating the bearish projections above.