Notcoin Price Drops Below $0.02 After Descending Triangle Breakdown Amid Crypto Market Downturn

Notcoin Price Drops Below $0.02 After Descending Triangle Breakdown Amid Crypto Market Downturn

Notcoin (NOT) has seen a decline in its price over the past few days. According to the latest market data NOT is currently trading at $0.0173 which is down by 13.96% in the last 24 hours and 15.83% in the last 7 days. This downtrend can be linked to the overall bearish sentiment in the crypto market that started on Friday triggered by various factors including regulatory concerns and macroeconomic uncertainties

The market cap of Notcoin stands at $1.7 billion placing it at the 55th position among all crypto assets. Despite the recent price drop NOT still has a substantial trading volume with $788 million in the last 24 hours and representing a 43.25% increase compared to the previous day

NOT Price Chart: Coinmarketcap
NOT Price Chart: Coinmarketcap

The recent US labor market data for May provided mixed signals. While wage growth accelerated suggesting higher disposable income and potential for increased consumer spending, the unemployment rate rose from 3.9% to 4.0% despite a jump in nonfarm payrolls.

Interestingly investors seemed to give more weight to the unemployment rate as evidenced by the net inflows of $131 million into the US BTC-spot ETF market on Friday June 7th

Looking ahead uncertainty surrounding the Federal Reserve interest rate decision, economic projections and press conference on June 12th could continue to test buyer demand for BTC therefore giving the general market a positive outlook. Also hotter than expected inflation numbers in the upcoming US CPI Report could dampen investor expectations of a September Fed rate cut further impacting the demand for riskier assets like crypto

NOT Technical Analysis

After Notcoin recorded a high and created a new all-time high at 0.029431 on June 2nd, according to TradingView data, the price has been mainly bearish recording 6 bearish candles out of the total 7. However still, one of the 7 total candlesticks closed bullish but as an inverted hammer that signals further bearish activity with the last 4 consecutive candles closing bearish. Today’s also looks to close bearish since price has dropped by over 13% in the last 24 hours.

Amidst the bearish momentum the price had begun trading in a descending triangle as analyzed in our previous report. However bullish continuation failed after the price failed to break out and close above the descending triangle, but instead it broke down impulsively breaking support, and retested it giving us a confirmation for continuation of downtrend.

NOTUSD Daily Chart: TradingView
NOTUSD Daily Chart: TradingView

Now NOT looks set to drop further and the next immediate support lies at the Fair value gap marked on our chart.

The 4-hour RSI is at 36 which is close to an oversold reading, a drop from an extremely overbought region where the bulls had driven the 4-hour RSI to 93 on June 2nd. By the time price drops to our next point of interest, RSI might have dropped to an oversold region and this too will act as a catalyst for a bullish rebound. 

The MACD is also bearish and shows an extended bearish momentum with the MACD line below the signal line, and the histogram is also bearish as it is below the zero mark line

Further $NOT price movement will likely depend on the  crypto market's general sentiment

Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.

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