Notcoin is down 18% today following a notable drop below the $0.01 level. While the bulls are off the market, it is slowly reaching the bottom as the overall market outlook remains bearish on the daily chart.
Following this month’s recovery across the crypto space, Notcoin did not see much increase in the past few weeks as it entered a consolidation mode due to an extreme shrink in volatility.
Prior to this volatility shrink, it rejected the $0.013 level in the second week before the landscape changed yesterday following a sharp drop off the $0.012 level. It lost momentum again after several failed attempts to push above the rejected price level.
Now that the bears are back in the market, the price is weak as it aims to break lower on the daily chart. However, there’s still hope for bullish if the monthly low stands firmly.
Looking at the market from where it started to fall in June, the price seems to be nearing an exhaustion point on the daily chart. A dip below the launch price could send us to a new low.
Currently, there’s no room for buying. But we can expect a strong reaction when the price enters the $0.005 range – a key entry point for long-term buyers. A rebound from that range should trigger a major reversal in the trend as the future looks promising for this gaming token.
NOT’s Key Level To Watch
In the latest drops, the price is now facing the $0.0085 support – marked as the monthly low. Losing this support could fuel more bearishness to $0.0058 and potentially $0.005. Far below these price levels stand the $0.00078 – the launch price level.
As of now, NOT’s resistance is held at $0.012. If the price bounces back above this level, the higher resistance to watch for an increase would be $0.018, followed by $0.0217.
Key Resistance Levels: $0.0129, $0.018, $0.0217
Key Support Levels: $0.0085, $0.0058, $0.0008
Spot Price: $0.0093
Trend: Bearish
Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/notcoin-price-analysis-prediction-august-25-not-resumes-bearish-after-two-week-consolidation-where-next/