Telegram-backed cryptocurrency, Notcoin (NOT), is facing a potential revisit to its all-time low. The altcoin has witnessed a decline in buying activity, causing it to trade at $0.0076, representing a 3% decrease over the past week.
Various indicators, both on-chain and technical, are pointing towards a continuation of the downward pressure on the token. One concerning factor is the decline in NOT holdings by large holders, or whales, as witnessed by a 101% decrease in the netflow of Notcoin’s large holders in the past week. This suggests the offloading of holdings by whale addresses, which can lead to rising selling pressure and an increased risk of a price drop. Furthermore, such behavior is likely to undermine the confidence of retail investors, leading to further selling and accelerating the decline.
Another worrying trend is the decreased holding time of Notcoin’s short-term holders (STHs) in the past month. This indicates that investors are selling their tokens at a faster pace than before. STHs hold a significant portion of the circulating supply, and their shorter holding periods and subsequent coin sales exert substantial downward pressure on the price.
Currently trading just above the support level of $0.0069, Notcoin could struggle to defend this support if selloffs continue. In such a scenario, the cryptocurrency’s next price target could be its all-time low of $0.0010, last observed on May 16.
However, if demand for Notcoin surges, there is a possibility of a bounce off the support line, leading to an uptrend towards $0.012 and negating the bearish outlook mentioned earlier.