Notcoin (NOT) has been facing heavy market pressures lately. This situation continues to worry investors. Currently trading at $0.004317, NOTE has lost value by 13.16% in the last 24 hours. However, some technical indicators give signals supporting the possibility of recovery.
What do technical analysis say about the future of Notcoin price?
The TD Sequential indicator used on daily charts recently gave a “buy signal”. This usually signals the end of a downtrend. However, the skeptical atmosphere throughout the market calls into question the accuracy of the signal given by this indicator. It is a matter of curiosity whether this recovery signal for NOTE will lead to a long-term rise.
On the other hand, NOT price action has been in a downward trend for a long time. After breaking the important demand level 0.005662, this level has now turned into a strong resistance point. This makes recovery efforts even more difficult. Additionally, the Relative Strength Index (RSI) was at 26.24 at press time. This showed that the NOTE was in the oversold zone.
However, oversold conditions do not always guarantee a recovery. To break down the dominance of sellers, buyers need to process high volumes of transactions. If the price fails to exceed the $0.005662 level again, the downtrend will continue.
The number of Notcoin wallets is decreasing
It is clear that interest in Notcoin has weakened when looking at address activities. The number of active addresses dropped by 58.73% in the last week. Meanwhile, new addresses decreased by 67.91%. Additionally, the 63.28% decrease in the rate of zero balance addresses also reveals that transactions made in NOT have decreased. This shows that the interest of individual investors has weakened significantly. However, if positive market conditions occur, NOTE will attract the attention of investors again. However, current address data shows that the overall outlook for the market is weak.
Trading data also gives mixed signals. Transactions between $100 and $1,000 increased by 46.58%, while transactions between $1,000 and $10,000 increased by 21.92%. This may indicate that medium and high value investors are accumulating. However, microtransactions under $10 decreased by 17.08%, while the total number of transactions remains weak.
On the other hand, Open Interest data on stock exchanges reveals a serious decrease in speculative interest on NOTE. Open Interest has decreased to only $20.62 million. This shows investors’ uncertainty about NOT price movements.
Will the NOTE price rise?
Although the possibility of Notcoin’s recovery is supported by technical indicators, the general situation of the market is far from optimistic. Declining address activity, mixed transaction patterns, and declining Open Interest are increasing market distrust for NOT. If investors can seize the opportunities in the oversold zone, a recovery may be possible. However, without strong volume and renewed market confidence, a sustained recovery seems unlikely.
