Notcoin (NOT) has recently experienced a significant rally, followed by a period of stabilization on the daily chart. However, investors are now viewing this as a bearish development, leading to potential profit-taking actions with the Telegram Coin. The price of Notcoin has been steadily cooling down since the previous month’s rally, prompting concerns about its ability to withstand profit-taking pressures or succumb to skepticism.
The Relative Strength Index (RSI) for Notcoin is currently in the bearish zone, indicating a potential downtrend in the short term. The RSI measures recent price changes to determine overbought or oversold conditions, with readings below 30 signaling oversold conditions. This bearish signal suggests that Notcoin’s price may experience a downward trend in the near future.
Investors are also withdrawing their funds from risky assets, as evidenced by the decline in Open Interest in the Futures market for Telegram Coin. Open Interest quantifies outstanding derivative contracts that have not been settled, providing insights into market liquidity and price trends. The removal of over $80 million from Open Interest in the past three days indicates growing skepticism among Notcoin holders.
Given these bearish cues, Notcoin’s price is predicted to undergo a drawdown, potentially falling to $0.013 from its current level of $0.018. However, if the price manages to remain above the crucial support level of $0.017 and bounces back, it could recover recent losses and reach $0.020. Breaking above the resistance level of $0.023 would invalidate the bearish outlook for Notcoin.
It is important to note that this price analysis is for informational purposes only and should not be considered financial advice. Market conditions are subject to change, and individuals should conduct their own research and seek professional advice before making any financial decisions. BeInCrypto is committed to providing accurate and unbiased reporting, but readers should review the Terms and Conditions, Privacy Policy, and Disclaimers for updated information.
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