Notcoin (NOT), linked to Telegram, has recently seen a drop in buying interest. Currently trading at $0.0076, this marks a 3% decline over the past week.
Indicators Suggest Further Possible Price Drop
On-chain data and technical indicators signal that the pressure on Notcoin’s price could persist. Here’s a closer look at the reasons.
Notcoin May Continue its Downward Trend
In the last seven days, large holders, known as "whales," have gradually reduced their stakes in Notcoin. This trend is reflected in a 101% decrease in the net flow of Notcoin among major addresses over the past week.
Large addresses are defined as those holding more than 0.1% of the asset’s circulating supply. The net flow metric shows whether large holders are accumulating or selling their stakes. A decline in net flow indicates that whales are offloading their holdings.
This trend is a bearish signal, suggesting increased selling pressure and a higher risk of further price decline. When smaller investors observe that whales are selling significant amounts, it often weakens their confidence, prompting them to sell and accelerating the drop in value.
Additionally, short-term holders of Notcoin (STH) – those holding their tokens for less than 30 days – have shortened their holding period over the past month. A decline in holding time generally indicates that investors are selling more quickly than before.
The situation is particularly critical for short-term holders as they hold a substantial portion of the total supply. When they shorten their holding time and sell, it creates significant downward pressure on the asset’s price.
Price Prediction: Approaching Historical Low
Notcoin is currently trading at $0.0076, just above the support level of $0.0069. With selling pressure increasing, bulls may struggle to defend this support. If they fail, the next price target for NOT could be its historical low of $0.0010, last reached on May 16.
However, if there’s a rise in demand for Notcoin, it could bounce back from this support and begin an uptrend toward $0.012, reversing the bearish outlook mentioned above.
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