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Notcoin: Analyst Predicts Potential Dip to $0.0031 – Here’s Why
Notcoin has been experiencing a strong downward pressure over the past month, with its price dipping by 20.12%. This recent decline has led analysts to predict further losses for the memecoin.
According to a popular analyst, Ali Martinez, Notcoin is likely to drop to $0.0031 if current market conditions persist. The bearish sentiment surrounding the memecoin is attributed to its inability to hold onto a key support level.
Notcoin’s recent price action has been marred by an unrelenting decline. Over the past two weeks, the memecoin has plummeted from a local high of $0.01 to a low of $0.0049. At the time of writing, it is trading at $0.0055, marking a 2.72% drop on daily charts.
The memecoin’s decline does not end there, as it has also suffered drops of 8.28% and 20.12% on weekly and monthly charts respectively. This sustained bearish momentum has sparked concerns about further losses.
Martinez observed that Notcoin has broken a crucial support level, leaving it vulnerable to additional declines. He suggested the possibility of NOT dipping to $0.0031 if this downward pressure continues.
The analyst attributed the potential dip to the reduced demand for the memecoin. According to him, most liquidity is now being transferred to the newly launched Trump coin, causing a shift in investor sentiment.
As investors become increasingly bearish, they are closing their positions and seeking refuge elsewhere. This exodus has led to an accumulation of short positions on daily timeframes, with 51% of traders going short.
Meanwhile, Notcoin’s Open Interest (OI) per exchange has seen a significant decline from $29 million to $24 million. The decrease in OI indicates that most traders are closing their positions, while new entrants are hesitating due to heightened market volatility.
Unless there is a sudden change in sentiment and investors start buying into the dip, Notcoin’s downward trajectory is expected to continue.
Source: ambcrypto.com
