Notcoin (NOT) has recently formed a bearish market structure after slipping below its range low, with the 78.6% Fibonacci retracement level as the next price target.
Recent Price Trends
Notcoin’s price has been trending downward again, disappointing investors who saw a breakout past the trendline resistance on July 6th. The bearish pressure threatens to erase the gains made earlier this month. The token has fallen below short-term range lows and could be heading towards local lows at $0.0099.
Downtrend Analysis
Two weeks ago, NOT was trading within a range from $0.0145 to $0.0175. Over the past week, the crypto has experienced a 15.8% price drop. The range low and the 61.8% retracement level at $0.014 have now turned into resistance.
The RSI is below neutral 50, indicating bearish momentum. On July 23rd, the -DI crossed above the +DI, signaling a strengthening bearish trend. The OBV has also been declining over the past three weeks, reflecting steady selling pressure and increasing downward momentum. This suggests that Notcoin is likely to move towards the $0.00989 support level in the coming days.
Futures Market Sentiment
Since July 20th, both the price and Open Interest of Notcoin have been trending downward, with minor bounces lasting only a few hours. Overall, the trend indicates bearish sentiment. The spot CVD continues to decline, showing that selling pressure dominates. Although the funding rate is nominally bullish, it does not predict an upward price move.
Conclusion
Given the current market dynamics, traders can expect continued losses for Notcoin. The information presented here is solely the writer’s opinion and does not constitute financial, investment, or trading advice.
