Notcoin Struggles to Recover: Is Another Low Imminent?
Notcoin Struggles to Recover: Is Another Low Imminent?
Notcoin crashed sharply, losing nearly 27% in the last three sessions.
The weighted sentiment curve turned bearish indicating a bearish dominance in Notcoin.
Notcoin price seemed to be attempting a recovery after a sharp crash in the last few sessions. The technical charts were already bearish and Notcoin was observed to be struggling for a firm footing in the last couple of weeks.
However, the arrest of Telegram's CEO Paul Durov in France added more to the worse dragging the price closer to its monthly low. Notcoin price loomed nearly 27% in the last three sessions amid the news of arrest.
However, the bulls seemed to be attempting for a recovery intraday after a sharp crash. At the time of writing, Notcoin was trading close to $0.009 indicating an impressive intraday rise of 10.66%.
Also, the daily NOT/USD chart highlights the formation of an interesting pattern which indicates a possible rebound in the short term. Let's analyze and try to find a clear picture of where Notcoin may lead in the upcoming sessions.
Weighted Sentiment Curve Turned Bearish
As per the data obtained by an on-chain analytics website app.santiment.net, The bearish sentiments surged in the recent sessions. As a result, the weighted sentiment curve loomed below the line to enter the bearish zone.
The weighted sentiment curve indicates the combined biasness of the investors and traders whether it is bullish or bearish at the moment. Currently, the weighted sentiment curve was placed below the zero line indicating a bearish sentiment leading the trend.
Moreover, the derivatives analysis reveals a sharp drop in the number of open contracts from $114 Million to $90 Million in intraday indicating a long unwinding. The volume to market cap ratio at 32.47% suggests high volatility in the crypto.
Notcoin Price Technical Analysis
Despite the long term bearishness in Notcoin and recent news that triggered a crash of nearly 27% in Notcoin. The intraday surge of over 10% indicates the presence of buyers at the lows.
Moreover, the daily chart highlights the formation of a falling wedge pattern with the price currently hovering near the lower boundary of the wedge. Now, if the price takes a rebound from the lower boundary of the wedge, it may show gains in the short term to reach the upper boundary of the channel.
Also, if the bulls fail to hold the price near recent support, it may validate a bearish domination in the short term and the price may show decline towards the lower support levels.
At the time of writing, RSI line was placed close to 36.53 and that of the 14 day SMA line was placed near 40.84 points. Both the RSI and SMA line were observed to be converging indicating a possible bullish crossover.
Notcoin seemed to be attempting for a recovery in August after a sharp crash. However, the arrest of Telegram's CEO Paul Durov in France dragged its price down by 27% in three sessions. The weighted sentiment curve suggests a bearish domination at the moment. Also, the OI data has dropped by 20% indicating a long unwinding.
The daily chart shows a falling wedge pattern, suggesting potential short-term gains if the price rebounds from the lower boundary. However, failure to hold recent support could lead to further declines. RSI and SMA lines indicate a possible bullish crossover.
Notcoin crashed sharply, losing nearly 27% in the last three sessions.
The weighted sentiment curve turned bearish indicating a bearish dominance in Notcoin.
Notcoin price seemed to be attempting a recovery after a sharp crash in the last few sessions. The technical charts were already bearish and Notcoin was observed to be struggling for a firm footing in the last couple of weeks.
However, the arrest of Telegram's CEO Paul Durov in France added more to the worse dragging the price closer to its monthly low. Notcoin price loomed nearly 27% in the last three sessions amid the news of arrest.
However, the bulls seemed to be attempting for a recovery intraday after a sharp crash. At the time of writing, Notcoin was trading close to $0.009 indicating an impressive intraday rise of 10.66%.
Also, the daily NOT/USD chart highlights the formation of an interesting pattern which indicates a possible rebound in the short term. Let's analyze and try to find a clear picture of where Notcoin may lead in the upcoming sessions.
Weighted Sentiment Curve Turned Bearish
As per the data obtained by an on-chain analytics website app.santiment.net, The bearish sentiments surged in the recent sessions. As a result, the weighted sentiment curve loomed below the line to enter the bearish zone.
The weighted sentiment curve indicates the combined biasness of the investors and traders whether it is bullish or bearish at the moment. Currently, the weighted sentiment curve was placed below the zero line indicating a bearish sentiment leading the trend.
Moreover, the derivatives analysis reveals a sharp drop in the number of open contracts from $114 Million to $90 Million in intraday indicating a long unwinding. The volume to market cap ratio at 32.47% suggests high volatility in the crypto.
Notcoin Price Technical Analysis
Despite the long term bearishness in Notcoin and recent news that triggered a crash of nearly 27% in Notcoin. The intraday surge of over 10% indicates the presence of buyers at the lows.
Moreover, the daily chart highlights the formation of a falling wedge pattern with the price currently hovering near the lower boundary of the wedge. Now, if the price takes a rebound from the lower boundary of the wedge, it may show gains in the short term to reach the upper boundary of the channel.
Also, if the bulls fail to hold the price near recent support, it may validate a bearish domination in the short term and the price may show decline towards the lower support levels.
At the time of writing, RSI line was placed close to 36.53 and that of the 14 day SMA line was placed near 40.84 points. Both the RSI and SMA line were observed to be converging indicating a possible bullish crossover.
Notcoin seemed to be attempting for a recovery in August after a sharp crash. However, the arrest of Telegram's CEO Paul Durov in France dragged its price down by 27% in three sessions. The weighted sentiment curve suggests a bearish domination at the moment. Also, the OI data has dropped by 20% indicating a long unwinding.
The daily chart shows a falling wedge pattern, suggesting potential short-term gains if the price rebounds from the lower boundary. However, failure to hold recent support could lead to further declines. RSI and SMA lines indicate a possible bullish crossover.
Penafian
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