Notcoin (NOT)’s price, which has decreased by 28% within the last 30 days, is recovering today. At press time, NOT trades at $0.0084, suggesting that the broader market condition could be stabilizing.
Will the cryptocurrency be able to sustain the hike? This on-chain analysis examines the possibility.
Sentiment Around Notcoin Nears Remarkable Switch
Exactly three months ago, Notcoin (NOT) reached an all-time high of $0.028. This surge occurred a few weeks after the viral Telegram tap-to-earn mining project distributed numerous tokens to its users.
Since then, NOT’s price has plummeted by 70%, largely due to significant profit-taking and issues surrounding Telegram CEO Pavel Durov.
Despite these setbacks, data from Santiment indicates a shift in sentiment from bearish to bullish. On September 1, Notcoin’s Weighted Sentiment was -0.66.
Spikes in this metric suggest many positive mentions of a project, while a decrease reflects a bearish outlook. As of now, the sentiment has improved to -0.21, indicating a significant reduction in negative sentiment online. If the metric rises into the positive region, it could lead to increased demand for the token.
Read more: 5 Top Notcoin Wallets in 2024
Despite the recent bearish environment, Notcoin holders have demonstrated considerable patience. According to data from IntoTheBlock, the average holding time for transacted coins has surged by 247% over the last seven days.
This metric reflects the duration a cryptocurrency is held before being transacted. A decline in holding time generally indicates that more market participants are selling, which could put downward pressure on the price.
However, an increase in holding time, as seen with NOT, indicates that holders are waiting patiently and confident that the price will eventually rebound.
NOT Price Prediction: It All Depends on a Crucial Area
On the daily chart, Notcoin appears to be exiting the downtrend it has faced since July, trading around the $0.0084 support level that previously sparked a rally to $0.028 in June. However, this doesn’t guarantee a repeat of that move.
Recent attempts to retest $0.014 have failed, suggesting that it could be a challenging target. If bulls can defend the $0.0084 support, Notcoin’s first target might be around $0.0095, potentially climbing to $0.010.
Read more: Notcoin (NOT) Price Prediction 2024/2025/2030
However, these scenarios could be rendered null and void if the token falls below the crucial support. If this happens, Notcoin’s price might plummet to $0.0077.
Bitrue