Telegram’s Notcoin (NOT) continues its downward spiral, failing to break free from a two-and-a-half-month price decline. The once-promising cryptocurrency, closely tied to the popular messaging app Telegram, is now facing mounting investor skepticism.
The fading hype surrounding Telegram coins, combined with a broader bearish market, has significantly impacted Notcoin’s performance. Technical indicators also paint a gloomy picture. The Relative Strength Index (RSI) has been languishing in the negative zone for several days, suggesting weak bullish momentum and a lack of significant buying interest.
Moreover, a troubling trend has emerged in investor behavior. The average holding time for recently traded NOT tokens has extended from two weeks to a month, indicating a decline in investor confidence. This increase in holding time suggests that serious investors are adopting a wait-and-see approach, anticipating more favorable market conditions before selling their holdings. Such behavior is often a precursor to further price declines.
Notcoin’s price is currently hovering around $0.0108, having failed multiple attempts to break through the downtrend resistance level of $0.0130. Unless the cryptocurrency manages to reclaim this crucial level and sustain momentum, the downward pressure is likely to persist.
The combination of declining investor sentiment, technical indicators pointing south, and the ongoing price downtrend paint a challenging outlook for Notcoin. While the cryptocurrency has managed to find support at $0.0094, breaking above this level will be crucial for any potential recovery.
As the crypto market remains volatile, investors are advised to exercise caution when considering Notcoin and conduct thorough research before making any investment decisions.
