Notcoin's Ship is Sinking: 30% Price Drop Sparks Mass Exodus of Holders
Notcoin (NOT), a Telegram-based cryptocurrency, has experienced a significant decline in value, dropping 30.76% in recent weeks. Despite a brief price increase, on-chain data reveals a mass exodus of holders, including large investors, due to growing selling pressure and diminished confidence.
The average holding time of NOT coins has decreased by 62% over the past week, indicating holders are selling rather than holding. Blockchain analytics also show more bears than bulls, signaling increased selling activity. This trend may lead to further price decline.
Technically, NOT's market structure suggests a bearish trend, with the price below the 20-day and 50-day Exponential Moving Averages (EMAs). The formation of a death cross and flat On Balance Volume (OBV) indicator imply a lack of accumulation and potential further price drop to $0.0084. However, if the trend reverses and the price rises above the 20 EMA, NOT's price may reach $0.012.
