Whales are sinking Notcoin (NOT). Can the token survive
The popular altcoin Notcoin is still in an ambiguous position. Now the whales have added to the prolonged sideways sell-off of NOT
Let's find out how bad things are for Notcoin and whether NOT has a chance to recover.
Whales are selling off Notcoin
According to onchain data, the number of large transactions (between $100,000 and $1 million) with Notcoin (NOT) has dropped significantly. Over the past month, their number has dropped by 74%, according to IntoTheBlock.
Even larger transactions (between $1 million and $10 million) have also become less frequent, with a 21% decrease in the number of transactions over the same period.
A decline in large transactions is traditionally considered a bearish signal. Retail investors tend to lose confidence in an asset when they see whales reducing their trading activity. This leads to an increase in sales and a sustained decline in prices.
In addition to this, Whale funds movement has also been in a negative range. Over the past 30 days, 98% outflows have been recorded from NOT. This decline is another bearish signal that suggests a potential price decline under selling pressure.
Forecast NOT: exit from the sidewall
As of the time of writing this analysis, NOT is trading at $0.01054, having shown no pronounced dynamics over the day. At the same time, the cryptocurrency has fallen in price by 10% over the past seven days.
Since August sixth, Notcoin has been moving sideways. The Relative Strength Index (RSI) has also remained stable since August eighth. The stable values of this indicator indicate that the asset is neither overbought nor oversold; it appears that the token is now consolidating.
Additionally, the average true range (ATR) for NOT, an indicator that measures market volatility, has been declining since August eighth and currently stands at 0.0011. This indicates a decrease in market volatility and supports the consolidation thesis.
If NOT breaks above the upper boundary of the range, the token will face the prospect of growth up to $0.13. In case of going beyond the lower boundary, the altcoin risks falling to $0.008.
