Following a fresh breakdown this week, NOT lost a key holding support and resumed bearishness after failing to reverse the trend. It is currently down by more than 10% today, charting major losses on the day.
In September, Notcoin suspended bearish correction after locating solid support above the $0.007 level. This brought a small bounce back in the market as it revisited the $0.01 level. It rejected the level and fell back.
That led to a rough start for the bulls this month as they pushed an inch above $0.009 before the bears intercepted further buying. An attempt to reclaim this level proved abortive and the crypto initiates more drops.
Leading to a bearish start this week, the price dropped consistently until it tested $0.0062, marking the lowest level since May 27. Currently, the price looks calm following a small rejection from the current low.
However, we should anticipate more price dumps if it continues to break lower. The key level to consider for a test in the next drop is May’s low. Failure to rebound there may result in a catastrophic loss.
In a nutshell, Not’s overall market outlook remains bearish on the mid-term scale as it continues to form a lower low and lower high pattern on the daily timeframe.
NOT’s Key Level To Watch
Source: Tradingview
Now that the price is down, the closest support level for selling is $0.0058. Below this support lies the key $0.00453 low, tested in May. A crack from there could cause a 40% drop after losing $0.004.
The broken $0.007 support-turned-resistance is an immediate obstacle for the bulls. If they retake it with a strong push to the $0.0085 resistance, we may see a push to $0.01 and potentially $0.0129.
Key Resistance Levels: $0.0085, $0.01, $0.0129
Key Support Levels: $0.0058, $0.00453, $0.0004
Spot Price: $0.00676
Trend: Bearish
Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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