Notcoin faces challenges in holding its recent market gains
Notcoin (CRYPTO:NOT) is currently grappling with market volatility after an impressive rally following its launch earlier this year.
The cryptocurrency, which made headlines as the first major "tap-to-earn" project on Telegram, has been unable to maintain its momentum, with prices now facing resistance levels that may prevent further gains.
Since launching in May, Notcoin initially saw a sharp price decline, followed by a recovery in June when it reached an all-time high of $0.028.
However, the token has since dropped 78% from this peak and is now trading at around $0.0074.
Recent analysis shows that Notcoin faces significant resistance between $0.0085 and $0.0090.
To make any meaningful recovery, the token would first need to test its support level at $0.0078 and attempt to rise above $0.0082.
A major challenge for Notcoin comes from its Money Flow Index (MFI), a technical indicator used to measure buying and selling pressure.
Currently, the MFI stands at 23.39, indicating minimal buying activity, which suggests that a price rebound may not occur soon.
An MFI reading below 20 would indicate that the token is oversold, potentially paving the way for a recovery.
However, until such conditions are met, the outlook remains uncertain.
On the daily chart, Notcoin's struggles are evident as it failed to break past the $0.012 mark on August 24, leading to a drop below $0.010 by August 26.
According to the Fibonacci retracement indicator, the next potential support level is around $0.0072.
If the token reaches this point, traders will closely watch the MFI to assess any signs of a potential rebound.
While a recovery could bring Notcoin's price up to $0.0097, maintaining those gains may be difficult, with strong resistance likely ahead.
The cryptocurrency market remains unpredictable, and Notcoin's future will depend on broader market dynamics and investor sentiment.
At the time of reporting, the Notcoin (NOT) price was $0.007671.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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