The Notcoin price plummeted over 7% in the last 24 hours to trade at $0.01559 as of 7:20 a.m. EST.
Despite the recent retracement, the NOT price is still up more than 12% on the weekly timeframe.
The Notcoin Price Resting On A Critical Support Level
The Notcoin price is approaching the key support level at $0.01492. Breaking below this technical crutch in the coming 12 hours could put NOT at risk of plunging to as low as $0.01298 in the short term.
On the other hand, the Notcoin price remaining above the $0.01492 support level for the next 12 hours could invalidate the bearish thesis. In this alternative scenario, traders might identify NOT’s price as an opportunity to purchase the altcoin at a discount.
With this potential buy volume, the altcoin could begin to rise to the major resistance level at $0.01874. Enough bullish momentum might also lead to the Notcoin price flipping this technical barrier into support. This could then give NOT the technical foundation needed to potentially climb to $0.02264 in the following 24 hours.
The Notcoin Price Is About To Trigger A Major Bearish Technical Flag
Technical indicators on NOT’s 4-hour chart warn that the crypto is still at risk of falling through the course of the next trading day. More specifically, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators are showing negative signs.
Traders and investors will want to take note of the major bearish technical flag that is on the verge of being triggered by the MACD indicator. Over the past 24 hours, the MACD line has collapsed towards the MACD Signal line. Now, the former is attempting to cross below the latter.
Should the MACD line break below the MACD Signal line, it might indicate that the Notcoin price has entered a short-term bearish cycle.
RSI readings have declined throughout the past trading day as well. This could suggest diminishing buyer strength. If the RSI were to fall below the crucial 50 benchmark, it might signal a major bearish shift in NOT’s momentum.
While the Notcoin price attempts to hold on to the $0.01492 support, investors continue to flock to the booming Dogecoin derivative ICO called PlayDoge (PLAY), which has blasted past more than $5.5 million in funds raised.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.