Notcoin [NOT] experienced an extended downtrend after reaching its all-time high (ATH) of $0.032 on June 2, 2024. The token witnessed consist
experienced an extended downtrend after reaching its all-time high of $0.032 on 2nd June. The token witnessed consistent selling pressure after the market-wide bearish sentiment set in.At press time, NOT traded at $0.00716 and was down by around 8% in the last 24 hours. The $0.007 support level is essential for bulls to protect to prevent further declines.The current downtrend has pulled Notcoin to a critical support zone of around $0.0072.
In the coming sessions, a close above the 20-day EMA at $0.0081 could set the stage for a potential recovery. In this case, bulls could target the $0.0095 resistance, followed by a possible retest of the $0.01 mark. The Relative Strength Index hovered near 34.5 at press time, indicating oversold conditions. A reversal from this level could reinforce a bullish divergence, but a failure to bounce could validate further downward movement.On the derivatives front, Notcoin’s open interest dropped by nearly 6.92% over the past day, showing a rather waning market interest.
This indicated that while short-term traders leaned towards short positions, the broader market sentiment was not overwhelmingly bearish, leaving room for a potential recovery.
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