August 21
Let's figure out why the price of Notcoin ($NOT ) has decreased over the last 24 hours. First, let's look at the data. The price has dropped by 1.27% over the day in real time. Additionally, over the last 7 and 30 days, the decline has been 4.13% and 20.98% respectively, meaning the drop in the last 24 hours is part of a longer downward trend.
Technical analysis shows that the moving averages (SMA and EMA) for 7, 30, and 200 days are above the current price. This indicates a bearish trend, as the price is trading below key averages. The MACD indicator is negative, and the histogram indicates bearish momentum. The RSI values are around 39-44, which does not indicate oversold conditions, meaning there is still potential for further decline.
Fibonacci retracement levels calculated from a maximum of 0.0024733 to a minimum of 0.0017851 show resistance in the range of 0.002048–0.0023109. The current price is below these levels, indicating that resistance holds. The key support level is the pivot point at 0.0018528, which should be closely monitored.
Several factors are noted in the news. There is a general decline in interest in tap-to-earn token models, such as Hamster Kombat, which negatively impacts Notcoin. Investors are doubting the sustainability of such models, leading to sell-offs. Furthermore, competition from new projects, such as Tapzi, diverts attention and users.
Technical aspects are also important. Notcoin is struggling to break through resistance levels, and the symmetrical triangle on the chart indicates a possible breakdown downwards. High leverage leads to liquidations: if the price drops to 0.00193, about 500 thousand dollars of long positions may be liquidated, which will increase pressure on the price. The RSI is in the neutral zone, and there are currently no buy signals.
Market sentiment also plays a role. The cryptocurrency fear and greed index is currently neutral, although it was in the greed zone last week. The altcoin season index over the last 30 days has dropped by 23.64%, suggesting that investors may be switching from altcoins like NOT to Bitcoin or stablecoins. The total market capitalization has decreased by 0.97% over the day, meaning Notcoin's decline is slightly stronger than the market, indicating its weakness.
Social media and community discussions show mixed sentiments. Some hope for a recovery, especially considering that 99.4% of the total supply is in circulation, but others point out the lack of clear catalysts for growth. The development of the TON network, for example, the accumulation of Toncoin by Coinbase Ventures, does not directly affect Notcoin, but rumors of a possible listing on Coinbase may instill hope, although this has not yet been confirmed.
In conclusion, the main reasons for the decline are technical breakdowns, issues in the tap-to-earn token sector, liquidations due to high leverage, and overall weakness in altcoins. It is important to monitor support levels and potential market changes to understand the further direction of Notcoin's price.
