Notcoin has been on a consistent downtrend since it dropped from a critical psychological support level in late August.
The bearish phase for Notcoin (NOT) began on Aug. 24, when it fell below the crucial $0.01 support. The following day, NOT further plunged beneath the Fibonacci Pivot support at $0.00986, cementing its position in bearish territory.
NOT 1D chart – Sept. 4 | Source: crypto.news
Meanwhile, the market’s outlook for the asset worsened on Aug. 26, coinciding with reports of Telegram founder Pavel Durov’s arrest. The news of Durov’s detention triggered a sharp 12.47% drop, the steepest since Aug. 7.
Following this, Notcoin entered a period of consolidation, with prices stabilizing briefly. However, September has seen a resurgence of bearish sentiment across the broader crypto market, exacerbating NOT’s bearish situation.
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Currently, Notcoin is trading at $0.00754, marking a four-month low. This shows a 34% decline from its Aug. 24 price of $0.01142.
Moreover, the asset’s daily Relative Strength Index has fallen steadily, now sitting at 32, suggesting that Notcoin is slightly oversold. Further sharp price declines could trigger a drop below 30, pushing Notcoin deep into oversold territories.
If NOT manages to break and hold above the $0.00772 level, it could signal the beginning of a consolidation phase or even a potential recovery.
However, the declining RSI suggests continued bearish pressure, and further push below this territory could lead to further losses, with the next significant support at $0.00640.
On the upside, a rebound toward the Pivot level at $0.00986 could signify a recovery attempt. However, the bulls would need significant momentum to reclaim this level and challenge the resistance at $0.01200.
However, without strong buying interest, Notcoin risks deeper losses, making the current support levels crucial in determining its next move.
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