- Notcoin price is stuck at $0.00206, and there are no trading volumes, reflecting confusion in the market
- The technicals in the form of flat MACD and weak RSI indicate further pressure on the downside
- Narrow Bollinger bands hint at a breakout to the downside; since the peak in May, the token has lost 66% of its value.
Notcoin (NOT) is once again making headlines, but not in a good way. The price has stalled at $0.00206, and there is no alteration in the previous sessions. The TradingView chart shows no activity and trading volumes have completely dried up, indicating a market that lacks direction or excitement.
Notcoin Declines: Technical Indicators Confirm Bearish Outlook
The 4-hour chart tells the story. Since reaching peak levels in May, Notcoin has steadily declined. The token has lost roughly 66% of its value from this point.
Notcoin had a brief surge earlier in June but failed to hold gains. The price breached the $0.006 level with a major break but plunged almost immediately, where no good support was detected above 0.003. The average Directional Index (ADX) is at 18.03, which is much lower than the 25 mark that indicates a strong trend.
With the absence of the trend momentum, the price would likely move flat or even drift further downward. BBTrend is at -9.20, which is an advantage for the bears. The sellers may be hoping that it will rebound so that they can increase their pressure or have just walked off the market in the meantime.
Also Read: Binance Coin (BNB) Battles Resistance at $645, Eyes Breakdown to $620
Flat MACD, Weak RSI, and Tight Bollinger Bands Hint at Breakdown
The MACD indicator is flat and barely moving, with both MACD and signal lines hugging zero. No crossover means no bullish or bearish conviction is currently forming. This supports the idea of indecision among traders.
RSI stands at 40.95, lower than the neutral position of 50. It is not yet in oversold territory but close enough to imply a lack of keen buying actions. In case RSI declines further, it can be an indication that the token’s price will decrease further.
Source: TradingView
Bollinger bands are getting narrow, providing an indication that a breakout will occur in the short-term. But there’s no guarantee of direction.
Fibonacci retracement levels show resistance around $0.0029 and $0.00347. Any breakout above these would be watched closely, but Notcoin hasn’t shown strength to test these levels yet. It’s currently hovering at the 0.236 level near $0.00219, and failing to break higher could lead to a retest of the $0.00177 base.
Also Read: TikTok Denies Accusations of Involvement in $300M TRUMP Coin Purchase
