🔻 Notcoin price prediction: The reason why Meme Coin suddenly crashed
The meme coin, which surprised investors last week, more than quadrupled to $0.02836, is in the red, as bulls struggle to secure support at $0.02.
The most viral meme coin in cryptocurrency is back in the red after leading a deep rally since last week. Notcoin sellers are slowly trimming their 302% two-week gain, leaving bulls gasping for air.
The token has maintained a 120% increase in value over the past seven days but the past 24 hours have been bearish, with drops of up to 12% during US business hours on Wednesday.
Before the correction, NO spiked to a new all-time high of $0.02836. Investors who bought the viral tap-to-earn meme coin at its all-time low of $0.004611 gained more than 300% from their initial investment.
🔸 Why is Notcoin decreasing?
Profit-taking activities are one of the main causes of instability in the market. Initial investors quickly cashed out for profits, which they could distribute to Bitcoin and other established altcoins.
After last week's incredible rally, headwinds were expected. Now, Notcoin has an uphill battle to prove to investors that it can retain its value. This should attract interest from traders likely to bet on the next breakout to new all-time highs.
Amid the volatility, Notcoin fluctuated at $0.02116. The technical structure shows that the downtrend will continue in the coming sessions.
🔸 Can the Bulls fight their way back?
The path of least resistance tends to be strongly downward, especially when price does NOT slip below the blue 20-day Exponential Moving Average (EMA). Supporting the bearish outlook is a vivid sell signal from the Moving Average Convergence Divergence (MACD) indicator.
The rising red histogram is another bearish sign to consider when intending to trade NO.
