Notcoin holders flee amid 30% price plunge as confidence erodes

Notcoin (CRYPTO:NOT), once a rising star in the Telegram-based tap-to-earn space, is experiencing a significant downturn, with its price plummeting by 30.76% in recent weeks.  

This sharp decline has triggered a mass exodus of holders, as on-chain data reveals a growing lack of confidence in the token’s future.  

The price of Notcoin briefly spiked to $0.011 on August 19, leading to speculation that the token might recover.  

However, an analysis shows that this uptick was short-lived, and selling pressure quickly resumed.  

The average holding time of NOT tokens has decreased by nearly 62% over the past week, indicating that investors are rushing to offload their holdings rather than waiting for a potential rebound.  

Further compounding the issue, blockchain analytics indicate that not only retail investors but also large holders, known as whales, are participating in the sell-off.  

The Bulls and Bears indicator highlights a predominance of bears, signaling that selling activity is outpacing buying.  

This trend suggests that Notcoin may continue to struggle in the near term.  

Technically, Notcoin is in a precarious position.  

The token is currently trading at $0.010, below both the 20-day and 50-day Exponential Moving Averages (EMAs), which are key indicators of market trend direction.  

The formation of a death cross—a bearish signal where the short-term EMA crosses below the long-term EMA—further underscores the negative sentiment surrounding NOT.  

Moreover, the On Balance Volume (OBV), a metric used to assess buying and selling pressure, remains flat, indicating a lack of new buying interest.  

If the current market structure persists, Notcoin’s price could drop further to $0.0084.  

However, a reversal is possible if buyers step in and the price manages to climb above the 20-day EMA, potentially pushing the token back up to $0.012.  

For now, the outlook for Notcoin remains uncertain, with the market closely watching for signs of a turnaround.