Notcoin, as the native cryptocurrency of Telegram-based games, has been having a hard time lately. The token has entered a downtrend, drawing six consecutive red candles since July 20.

This downtrend has caused the NOTUSD pair to give back all its gains since July 7, and a technical setup points to further declines for 1 NOT against the USD or INR.

The Notcoin token price has formed a bearish technical pattern known as the 'descending triangle formation'. Market analysts often interpret the descending triangle formation as a bear continuation signal. This formation is characterized by a downward sloping upper trendline that gradually reduces the highs of price movements, and a flat lower trendline, which is a consistent support level that the price has difficulty breaking.

Additionally, this pattern suggests that selling pressure is intensifying, leading to increasingly weaker rallies. In this setup, the potential price target is measured by the maximum height at the widest point of the triangle.

Therefore, NOT price has not broken out of the descending triangle formation yet. However, it is stated that if the bear setup is confirmed, the NOTUSD pair could fall by approximately 70% and reach its target price of around $0.0041.

Bulls are struggling against bear pressure but are having a hard time. NOTE prices are struggling to hold above the 0.382 FIB support near $0.0125 following a 5% decline on July 25.

If the downtrend continues, the NOTUSD pair could immediately break below the support level and drop to the support level around $0.0112 before recovering.

On the other hand, a rally from here would see NOT price face resistance at the 20-day EMA (red) near $0.015. A breakout and consolidation above the immediate resistance could lead Notcoin price towards the 0.786 FIB resistance near $0.0171.

On the daily charts, Notcoin's relative strength index stands at 42.22, which may indicate that the downtrend may continue.

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