Notcoin (NOT) has dropped 40% over the past nine days, emphasizing the need to monitor key support and resistance levels.
The 4-hour chart shows a bearish trend, with the price following a descending pattern.
Chart Analysis: NOT Drops 40% from All-Time High
After briefly breaking above the 100 EMA on June 11, the price failed to enter the Ichimoku Cloud and retested the Ichimoku baseline. Following today’s Bitcoin drop, NOT’s price fell below the baseline (in red), now serving as resistance, indicating a continuation of the bearish trend.
The 4-hour chart shows a well-respected descending pattern. On June 11, the price tested the 100 EMA on the 4-hour timeframe, jumped above it, and broke the upper boundary of the descending pattern.
Despite this, the price failed to reach the Ichimoku Cloud and subsequently retested the Ichimoku baseline (in red), which acted as strong support. Following today’s Bitcoin price drop, the price of NOT broke back below the baseline, which is now serving as resistance.
A price rejection at the baseline often signals a continuation of the bearish trend for now.
Read More: What is Notcoin (NOT)? A Guide to the Telegram-Based GameFi Token
The 4-hour chart shows a bearish trend, with the price following a well-respected descending pattern. On June 11, the price tested the 100 EMA on the 4-hour timeframe and jumped above it. And broke the upper boundary of the descending pattern.
Despite this, the price failed to break into the Ichimoku Cloud and subsequently retested the Ichimoku baseline (in red). Which acted as strong support.
However, following today’s Bitcoin price drop, the price of NOT broke back above the baseline, which is now serving as resistance. A price rejection at the baseline is often considered a rejection signal, indicating a continuation of the bearish trend for now.
Key Support and Resistance Levels
Notcoin has experienced a drastic 50% decline over the past nine days. Underscoring the importance of monitoring key support and resistance levels when trading high-volatility tokens like NOT.
The chart for Notcoin (NOT) on both the 1-hour and 4-hour timeframes highlights several critical support and resistance levels, indicated by horizontal lines. These levels correspond to important baseline flat structures of the 4H Ichimoku Cloud and other significant price points.
The notcoin price drop was driven by the price breaking key levels at $0.0239, $0.0215, and $0.0198 and subsequently testing $0.0159.
Read More: 5 Top Notcoin Wallets in 2024
On the 4-hour chart, notable resistance levels are observed at $0.0239, $0.0216, and $0.0198, marking significant barriers to upward price movement. Conversely, the support levels at $0.0162, $0.0159, and $0.0142 represent critical points that could prevent further declines.
Currently, the price of NOT is following a descending pattern, struggling to break above the Ichimoku Cloud. Despite a brief upward movement, the price failed to maintain momentum and was rejected at the Ichimoku baseline, indicated by the red line.
This rejection suggests continued bearish sentiment, as the price remains below key resistance levels. If the price breaks the upper boundary of the descending pattern. It will likely test the 100 EMA on the 4-hour chart.
If this line is breached, the $0.0159 level could serve as support. With Bitcoin below $66,000, that could be very bearish for NOT, potentially driving it to break the crucial support at $0.014.
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