Notcoin Price Faces Steep Decline: Indicators Suggest Further Downside Risk

The recent performance of the #Notcoin price on the 4-hour chart highlights a bearish trend.  Closing prices have seen a consistent decline from $0.014756 to $0.013661, reflecting a downturn in market sentiment. This trend is confirmed by the exponential moving averages (EMAs) and the Moving Average Convergence Divergence (MACD) indicator, which both suggest a bearish outlook.

The 9 EMA has consistently stayed below the 20 EMA, indicating a short-term bearish trend. The gap between the two EMAs has been widening, which further underscores the bearish momentum. Specifically, the 9 EMA declined from $0.014974 to $0.014299, while the 20 EMA fell from $0.015087 to $0.014688. This divergence suggests that the downtrend might continue in the near term.

The MACD indicator provides additional bearish signals. Recently, the MACD line is below the signal line, and the histogram has shifted from positive to negative, reinforcing the bearish sentiment. MACD values have deteriorated from -0.000269 to -0.000457, while the signal line has moved from -0.000391 to -0.000389, with the histogram flipping from positive to negative territory. This transition indicates increasing bearish momentum and potential further downside.

In terms of price levels, immediate resistance is observed at $0.014899. If the Notcoin price manages to break above this level, it could aim for the next resistance at $0.01537 and potentially $0.01596. However, given the current bearish indicators, this scenario seems less likely in the short term.

On the downside, the support levels to watch are at $0.013341, $0.011665, $0.00887, and $0.005454. The closest support at $0.013341 might provide some temporary relief, but a breach below this level could accelerate the decline towards $0.011665 and further down to $0.00887. $NOT #NOT #altcoins #TrendingPredictions
The full analysis and trade strategy were originally posted on ecoinimist.com.