đť Notcoin Price Prediction: Reasons Meme Coin Crashing Suddenly
The meme coin that surprised investors last week, rising by more than 4x to $0.02836 is in the red, as bulls fight to secure support at $0.02.
Cryptoâs most viral meme coin is back in the red after leading a profound rally since last week. Notcoin sellers are gradually trimming the 302% fortnight gain, leaving bulls gasping for air.
The token still sustains a 120% increase in value in the last seven days but the last 24 hours have been intensely bearish, with declines reaching 12% during US business hours on Wednesday.
Before the correction, NOT surged to achieve a new all-time high of $0.02836. Investors who purchased the viral tap-to-earn meme coin at an all-time low of $0.004611 are up more than 300% on their initial investment.
đ¸ Why Is Notcoin Falling?
Profit-taking is one of the major factors causing instability in the market. Early investors are quick to cash out for profit, which they are likely to distribute to Bitcoin and other established altcoins.
Following the incredible rally last week, headwinds were expected. Now, Notcoin as an uphill battle to prove to investors that it can hold its value. This will attract interest from traders who are likely to bet on the next breakout to a new all-time high.
Amid the volatility, Notcoin hovered at $0.02116. The technical structure hints at the downtrend continuing in the coming sessions.
Similarly, investors seem to have turned to more established meme coins, some of which spiked in double digits on June 5. Floki hit a new all-time high, and is sustaining a 17% surge in the last 24 hours.
đ¸ Can Bulls Fight For Recovery?
The path of least resistance is strongly inclined downwards, especially with NOT price sliding below the 20-day Exponential Moving Average (EMA) in blue. Backing the bearish outlook is a vivid sell signal from the Moving Average Convergence Divergence (MACD) indicator.
Increasing red histograms is another bearish sign to consider when intending to trade NOT.
