- In a recent turn of events, the altcoin market has seen a sharp decline in the value of Notcoin (NOT) and Dogwifhat (WIF).
- This downturn is attributed to heightened profit-taking activities by traders.
- Both NOT and WIF have fallen significantly, with NOT dropping 35% and WIF losing 21% of its value over the past week.
The latest crypto market trend reveals significant price drops in popular altcoins like Notcoin and Dogwifhat, driven by intensified profit-taking activities.
Notcoin (NOT) Faces Persistent Selling Pressure
In the days following its launch on the Toncoin network on May 16, Notcoin (NOT) saw its price surge to $0.02 by June 2. However, as traders began locking in profits, this bullish trend was abruptly halted, leading to a substantial price correction. Currently trading at $0.016, NOT has dipped 20% from its peak.
Key momentum indicators corroborate this trend, with the Relative Strength Index (RSI) and Money Flow Index (MFI) both trending towards their neutral levels, signaling reduced buying interest. At present, the RSI stands at 55.31 while the MFI is at 56.56, indicating a notable decline in bullish momentum.
Moreover, the Aroon Up Line for NOT has dropped to 35%, suggesting that the recent uptrend is losing strength. When this indicator is low, it typically means that the most recent high was reached some time ago, and the asset is struggling to sustain its upward trajectory.
Currently, NOT is trading near its 20-day exponential moving average (EMA), a critical indicator that reflects the average price performance over the past 20 days. Proximity to this moving average indicates declining buying momentum, often a prelude to bearish market control.
Dogwifhat (WIF) Sellers Take the Helm
Dogwifhat (WIF) has not been immune to the broader market’s bearish sentiment. The Chaikin Money Flow (CMF) indicator for WIF has slipped below zero, settling at -0.09, which implies a significant outflow of liquidity from the market – a clear bearish signal.
Additionally, Dogwifhat’s Directional Movement Index (DMI) reveals a stronger presence of bearish sentiment, with the positive directional index (green) falling below the negative directional index (red). This disparity indicates that sellers are in firm control of the market, overshadowing any bullish attempts.
Conclusion
In summary, the recent price declines in Notcoin and Dogwifhat underscore the volatile nature of the cryptocurrency market, particularly driven by profit-taking behaviors. As technical indicators point towards continued bearish momentum for both altcoins, investors should exercise caution and stay informed about market developments. Going forward, market participants will closely monitor these trends to gauge potential reversals or further declines.
