Notcoin Update — Standing At The Edge Of The 0.01 Abyss 🔻
NOT recently broke out to the bottom of the triangle and invalidated all bullish hopes.
Fortunately, the token found support at 0.014. However, there's still a massive risk of further downside potential. So, here's why NOT might be doomed to revisit the 0.01 level.
1—The breakout happened after several unsuccessful attempts to climb above the resistance. This is usually a clear sign that bears have taken over control, and we've just seen the beginning of a downtrend.
2—The current support at 0.014 isn't strong. Moreover, NOT did not bounce off the level but just stopped dipping. Therefore, there's a risk that this support level will only hold temporarily.
3 - The attempts to break out to the top could be interpreted as a triple top (4H chart). In this case, we should definitely see a more substantial correction.
4—Volume has been constantly decreasing. At the current support line, we didn't see buyers stepping in and pushing the volume. However, a reversal would need a stronger volume push.
As a result, I see a considerable risk that NOT will go lower. A reversal could be possible if the broader market starts pumping.
