After a long period of uncertainty, Notcoin (NOT) holders have returned with renewed confidence, signaling a potential shift in market sentiment. This is a surprising development, considering how the token has performed recently.
With investors once again rallying behind the cryptocurrency and fueling speculation of a price resurgence, here is what could be next for NOT’s price.
Notcoin Holders Not Ready to Throw in the Towel
Over the last 30 days, Notcoin’s price has decreased by 30%. This decline could be attributed to notable profit-taking, dwindling confidence in the cryptocurrency’s potential, and, notably, Telegram CEO Pavel Durov’s arrest in France.
As a result, Notcoin’s price is now very close to its all-time low. Despite the decline, on-chain data from IntoTheBlock revealed that NOT holders have refused to give up.
For instance, the Coins Holding Time, a metric used to track the amount of time a crypto has been held without being transacted or potentially sold, has increased by 190% in the last seven days. This increase implies that, despite the crypto’s performance, holders are convinced that there is light at the end of the tunnel.
Read more: 5 Top Notcoin Wallets in 2024
Coincidentally, this strong conviction aligns with the sentiment displayed by the Addresses by Time Held metric. This metric shows whether short- and long-term holders are liquidating their assets or keeping them.
When the metric decreases, it implies that market participants have signaled a vote of no-confidence in a token. Consequently, this could lead to a further price decrease. However, as of this writing, many Notcoin holders who accumulated cryptocurrency within the last 30 days have refrained from selling.
Interestingly, this is also the case with those who purchased within the last one to 12 months. This surge, if sustained, is a sign that both short- and long-term holders are backing the token to rebound.
NOT Price Prediction: A 60% Increase Set to Come Alive
At press time, NOT’s price changed hands at $0.0077. Despite the recent decline, the token has broken above the descending trendline, indicating that a bounce beyond current levels could be close.
Apart from this, the Relative Strength Index (RSI), which measures momentum, is close to the oversold region. Typically, RSI readings above 70.00 indicate an overbought point and foreshadow a price decrease. On the other hand, a reading below 30.00 means that the asset is overbought, and a rebound could be in the works.
Currently, Notcoin’s buying volume seems muted, and, as such, the price might hover around $0.0077 for some time. But as soon as buying pressure increases, Notcoin could see a strong rebound from its recent lows.
Read more: Where To Buy Notcoin: Top 5 Platforms In 2024
According to the Fibonacci retracement indicator, the price could surge by 60% to reach $0.012. However, if token holders lose confidence before the upswing begins, this prediction may be invalidated, potentially causing the price to fall to $0.0070.
Disclaimer
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Source: https://beincrypto.com/notcoin-holders-return-strong/