Pavel Durov’s Arrest Sparks Notcoin Collapse: Is a Plunge to $0.005 Inevitable? Read CoinChapter.com on Google News
NAIROBI (CoinChapter.com)—Notcoin (NOT) is facing a potential collapse as Pavel Durov’s arrest, the founder of Telegram and Toncoin, shakes the market. The cryptocurrency has already dropped 25% and, as technical indicators suggest, could fall further to $0.005.
NOT/USDT 1-day chart shows declining price trend. Source: CoinMarkertCap
Notcoin (NOT) price is currently trading at $0.0086, down 12.23% in the last 24 hours, with a market cap of $881,259,318 and a 24-hour trading volume of $322,739,450.
Durov’s Arrest Triggers Market Turmoil
Pavel Durov’s arrest on Aug. 24 at Le Bourget Airport in Paris has set off alarms across the cryptocurrency market, particularly affecting Notcoin. French authorities have charged Durov with several grave offenses, including cybercrime, money laundering, and operating a platform for illegal transactions. This has created panic among investors, leading to a swift sell-off.
Binance NOT/USDT Liquidation Heatmap (24-hour). Source: Coinglass
The impact on Notcoin’s price was immediate, with the token plunging to $0.0086. The Binance NOT/USDT liquidation heatmap highlights the intense selling pressure that ensued, pushing the price lower as traders rushed to exit their positions. This sudden drop also saw the market cap of Notcoin shrink to $881.2 million within 72 hours, underscoring the severity of the situation.
Notcoin Technical Analysis and Derivatives Data Signal Further Downside
The technical outlook for Notcoin indicates more decline ahead. The daily chart shows Notcoin in a falling wedge pattern, with the price nearing the lower boundary, signaling a possible breakdown if the downward trend continues.
NOT/USD 1-day price chart. Source: TradingView
The NOT daily chart shows a bearish trend, with the price breaking below the key support at $0.00873, a level that had held since June. This breakdown suggests further downside potential, as indicated by the Ichimoku Cloud’s bearish signal and the RSI at 33.79, showing oversold conditions.
Chart showing NOT Futures Open Interest. Source: Coinglass
Adding to the bearish sentiment, the Notcoin Derivatives Data Analysis shows that the trading volume for Notcoin derivatives has plunged by 45.59% to $1.44 billion. Additionally, open interest has decreased by 10.27% to $167.14 million, reflecting a drop in market participation and confidence.
Given the current technical indicators and Pavel Durov’s ongoing legal challenges, the outlook for Notcoin remains bleak. The falling wedge pattern suggests a potential 42% drop, which could see the token test the $0.046 support level. If this level fails to hold, Notcoin could spiral toward $0.005.
Post from Crypto General on Twitter discussing the price drop of $TON and $NOT. Source: X
Crypto General, a cryptocurrency analyst, noted that both Toncoin and Notcoin have reached major support zones without breaching them, hinting at potential stability. The analyst expects a short-term rebound of 20-30% and remains optimistic about the long-term prospects of both tokens.
The post Pavel Durov’s Arrest Sparks Notcoin (NOT) Collapse: Is a Plunge to $0.005 Inevitable? appeared first on CoinChapter.
