- The cryptocurrency Notcoin [NOT] has encountered a bearish market structure following a decline below its recent range lows.
- Further confirmation of the downtrend comes from Notcoin’s price aiming for the 78.6% Fibonacci retracement level as its next target.
- Investors are watching closely as NOT’s downward move on the 6th of July may undo the gains from earlier this month.
Notcoin experiences a sharp decline, causing investors to reevaluate their positions. Discover recent developments and future projections in the crypto market.
Notcoin’s Bearish Market Trend: Recent Developments
The price trajectory of Notcoin has taken a bearish turn once again, much to the dismay of investors who were hopeful following the trendline resistance breakout earlier in July. The downward pressure threatens to erase the recent gains, as NOT slipped below its short-term range lows. The market appears to be adjusting towards the local lows at $0.0099, marking a significant shift.
Indicators Signal Strengthening Downtrend
Two weeks ago, NOT was confined within a price range of $0.0145 to $0.0175. Since then, a notable 15.8% price drop has been recorded. The range low and the 61.8% Fibonacci retracement level at $0.014 have now turned into resistance points. The Relative Strength Index (RSI) has dipped below neutral 50, highlighting growing bearish momentum. Additionally, the -DI index has surpassed the +DI since the 23rd of July, confirming the strengthening bearish trend. In tandem, the On-Balance Volume (OBV) has also been on a downward trajectory over the last three weeks. This consistent selling pressure and increased downward momentum suggest that Notcoin is heading towards the $0.00989 support level in the forthcoming days.
Bearish Sentiment in Notcoin Futures Market
Examining the futures market offers further insight into the bearish sentiment surrounding Notcoin. Since the 20th of July, both the price and the Open Interest of Notcoin have been in decline, with minor upward blips proving unsustainable. The spot Cumulative Volume Delta (CVD) has continued to decrease, reflecting the dominance of selling pressure. Although the funding rate remains nominally bullish, it does not indicate any forthcoming upward price movement. As such, traders should brace themselves for potential continued losses in Notcoin’s value as bearish sentiment prevails.
Conclusion
In summary, Notcoin is currently grappling with persistent bearish trends that threaten to wipe out the gains of recent months. With indicators such as the RSI, OBV, and market sentiment all pointing towards continued downward movement, investors are urged to tread with caution. While the markets remain unpredictable, understanding the current trends and potential support levels can help traders make informed decisions moving forward.
