[Notcoin transaction volume increased by 50%, warning signal appeared]
The rumor proved to be inaccurate, with on-chain analysis showing that Notcoin’s recent price increase may be short-lived.
On August 28, French authorities filed charges against the founder in connection with illegal activities on the app. Durov was released on a €5 million bail but was restricted from leaving the country.
After the verdict, Notcoin price surged to $0.0092, with trading volume rising 50% in the past 24 hours to $412.84 million. The increase in trading volume reflected market interest in the Durov incident, but then both volume and price fell, indicating that market interest may have waned.
According to IntoTheBlock’s “Bull and Bear Indicator”, there are more participants selling NOT than buyers, and there are currently four more sellers than buyers in the market, indicating high selling pressure. If this situation continues until the end of August, NOT prices may struggle to recover and may even fall to historical lows.
Notcoin’s brief rise formed a bearish flag pattern on the daily 4-hour chart, a formation that typically signals further declines. If NOT fails to break above the upper line of this pattern, the price could drop to $0.0085.
Additionally, the relative strength index (RSI) remains below the neutral line, indicating that bears are in control of price action. A low RSI shows a lack of upward momentum and could push prices further down. However, if buying pressure increases, NOT could rally towards $0.0095, potentially reversing the bearish trend.
