[As Notcoin price returns to multi-month downward trend, new investors withdraw funds]
The arrest of Telegram CEO caused a shock in the market, causing the price of Notcoin to drop sharply. This incident changed investor sentiment and weakened the original upward momentum. The relative strength index (RSI) shows that buying pressure on Notcoin has dropped sharply, with the RSI approaching oversold territory.
As the news broke, many investors retreated, and Notcoin adoption dropped to its lowest level in two months, at just 15.31%. This shows increased uncertainty among new investors, which could further weigh on prices.
Over the past three months, Notcoin has tried four times to break above the downtrend line, without success. At press time, Notcoin was trading at $0.0086, having lost support at $0.0094 and falling more than 27% over the past three days to close to $0.0076.
Despite the bearish signal, Notcoin could rebound from the $0.0076 support and move back towards $0.0094 if investors look to buy on the low. However, if there is insufficient market demand, the Notcoin price may fall further below $0.0076 and approach the all-time low of $0.0045, at which point the bullish expectations will be invalidated.
