Notcoin [NOT] was recently able to reverse its bearish trend thanks to the dominance of bulls. However, last week the growth stopped, and the price did not live up to positive forecasts.
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The decline in trading volume is cause for concern as it may indicate uncertainty among market participants. Will the token continue to rise, or was its recent rise just a brief break in the downtrend?
After the trend resistance line was broken, NOT was expected to continue rising and be supported at $0.0156.
This level was a persistent resistance at the end of June, but the bulls failed to completely overcome it.
This could be due to the rapid recovery from the 78.6% Fibonacci retracement level.
The rebound has left a significant gap in fair value, and accumulated liquidity in the $0.01 to $0.012 range could push prices down to that level before they move higher.
The Cash Flow Index (CMF) was at +0.06, signaling buyer dominance, but the Relative Strength Index (RSI) reading of 52 was only slightly bullish.
Extended liquidations on July 11, when prices dropped below $0.015, showed that this downward movement was indeed aimed at closing positions.
However, the data does not support a resumption of the bullish trend in the near future.
