Notcoin (NOT) Approaches All-Time Low Amid Sharp Decline in Buying Activity – perspective by BeInCrypto
Since the arrest of Telegram’s CEO Pavel Durov on August 24, Notcoin’s (NOT) price has plummeted. Trading at $0.0088 at press time, the altcoin’s value has since declined by 20%.
With rising selling pressure, NOT is at risk of falling toward its all-time low of $0.0046, last recorded on May 24.
Due to NOT’s recent price struggles, the number of active addresses trading the altcoin has steadily declined over the past seven days. Data from IntoTheBlock shows a 76% decrease in unique addresses that have completed at least one NOT transaction during this period.
NOT’s technical setup points to a potential further decline in the token’s value. The Chaikin Money Flow (CMF) remains in a downtrend, hitting a 30-day low of -0.22.
The CMF measures the flow of money into and out of an asset. A value below zero indicates market weakness, suggesting that liquidity is exiting the market, which is often seen as a precursor to further price declines.
Moreover, the token’s Relative Strength Index (RSI) is currently below its neutral 50 mark, sitting at 35.50. This indicates that selling pressure is stronger than buying activity, reinforcing the bearish outlook.
If NOT’s selloffs persist, the altcoin’s value could retreat to its all-time low and potentially drop further to around $0.00031. On the other hand, if market sentiment shifts and demand for NOT surges, its price could rally toward $0.013.
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