$NOT slips below $0.0156: A bearish sign for NOT’s price? - AMBCrypto Analytics

After breaking the trendline resistance (orange) it was expected that NOT would continue higher and hold on to the $0.0156 level as support.

This level had been a stubborn resistance toward the end of June, but the bulls were not able to capture it wholly.

This might be because of the rapid pace of the recovery from the 78.6% Fibonacci level.

The bounce left a sizeable fair value gap, and the built-up liquidity around the $0.01-$0.012 region might pull prices down to it before a move higher.

The CMF was at +0.06 to signal buyer dominance, but the RSI reading of 52 was only slightly bullish.

The Open Interest jumped alongside the prices a week ago but has indicated bearish sentiment during the past few days. This was accompanied by a persistent downtrend in the spot CVD.

The long liquidations on the 11th of July when prices crept below $0.015 showed that this move downward was indeed searching for liquidations.

However, the evidence does not support a renewed bullish effort in the near term.