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Crypto Whales Dump Notcoin (NOT) Amid Fading Hype

2 mins
Updated by Daria Krasnova
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In Brief

  • NOT whales have reduced holdings as price plummets, with large transactions down and netflow dropping.
  • Netflow for large Notcoin holders has dropped 98% in 30 days, hinting at potential selling pressure.
  • NOT’s flat RSI and declining ATR suggest market indecision; a potential price breakout or further decline looms.
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Notcoin (NOT), the Telegram-based tap-to-earn project, has seen a decline in whale activity as the altcoin’s price plummets.

Over the past month, NOT large holders have distributed more than they have accumulated due to the altcoin’s double-digit price drop during that period.

Notcoin Whales Flee the Market

On-chain data indicates a sharp decline in the daily volume of large NOT transactions. According to IntoTheBlock, the volume of NOT transactions valued between $100,000 and $1 million has dropped by 74% over the past month.

Meanwhile, transactions worth between $1 million and $10 million have seen a 21% decline in daily volume during the same period.

notcoin transaction volume
Notcoin Transaction Volume. Source: IntoTheBlock

A decline in large transaction counts is typically seen as a bearish signal, as it negatively affects the overall perception of the asset. When retail investors notice whale investors reducing their trading activity, confidence in the asset tends to weaken. This often triggers increased selling pressure, leading to sustained price declines.

Confirming the surge in whale selling pressure, NOT’s large holders’ netflow has dropped by 98% over the past 30 days. 

Read more: How To Buy Notcoin (NOT) and Everything You Need To Know

not large holder netflow
Notcoin Large Holders’ Netflow. Source: IntoTheBlock

Large holders are wallet addresses that hold over 0.1% of an asset’s circulating supply. The large holders’ netflow measures the difference between the coins that whales buy and the amount they sell over a specific period.

When this metric declines, it indicates that an asset’s whales are selling their holdings. This is a bearish signal, suggesting potential selling pressure and an increased risk of a price decline.

NOT has been trading within a horizontal channel since August 6, characterized by sideways price movement. This occurs when there’s a relative balance between accumulation and distribution, preventing the asset from trending strongly in either direction.

The technical setup shows that the Relative Strength Index (RSI), a key momentum indicator, has remained flat since August 8. The RSI measures whether an asset is overbought or oversold. NOT’s stable RSI suggests market indecision or consolidation, indicating the asset is neither overbought nor oversold.

Furthermore, NOT’s Average True Range (ATR), which gauges market volatility, has been trending downward since August 8, reinforcing the consolidation phase. A declining ATR indicates reduced market volatility, suggesting the asset is less prone to price swings. As of now, NOT’s ATR is 0.0011.

notcoin price prediction
Notcoin Daily Analysis. Source: TradingView

If NOT breaks out of its narrow range to the upside, it could rally toward $0.13. Conversely, if it falls below the lower boundary of its horizontal channel, the price might drop further to $0.008.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Abiodun Oladokun
Abiodun Oladokun is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including decentralized finance (DeFi), real-world assets (RWA), artificial intelligence (AI), decentralized physical infrastructure networks (DePIN), Layer 2s, and meme coins. Previously, he conducted market analysis and technical assessments of various altcoins at AMBCrypto, utilizing on-chain analytics platforms like Messari, Santiment...
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