Notcoin Falls Below $0.02 After Crypto Market Triangle Crash
These past few days have been bearish, for the price of Notcoin Falls Below $0.02 (NOT). Trading at $0.0173 right now, NOT has fallen 13.96% in the past 24 hours and 15.73% in the past week, according to the most recent market data. Regulatory worries and macroeconomic uncertainties are two of the many causes that have contributed to the general gloomy mood in the cryptocurrency market, which began on Friday and has continued ever since. Among all cryptocurrency assets, Notcoin ranks 55th with a market cap of $1.7 billion. Despite the recent decline, trading volume for NOT remains considerable at $788 million, up 43.25 percent from the previous day.
According to recent reports, data from the US labor market in May was uneven. Even while nonfarm payrolls went up, the unemployment rate went up from 3.9% to 4.0%, indicating faster wage growth, which could lead to more consumer spending. On Friday, June 7th, the US BTC-spot ETF market saw net inflows of $131 million, suggesting investors emphasized the unemployment rate more.
However, general market optimism may be short-lived, as buyer demand for Bitcoin will likely be tested in the days leading up to the June 12th Federal Reserve interest rate decision, economic predictions, and press conference. The demand for riskier assets, such as cryptocurrency, could be further affected if the US CPI Report shows inflation figures that are hotter than expected. This could reduce investor expectations of a September Fed rate cut.
NOT Technical Analysis
The price of Notcoin Falls Below $0.02 has been primarily negative since June 2nd, when it reached a new all-time high of 0.029431 (according to TradingView data), with 6 out of 7 candles being bearish. The previous four straight candles have closed bearish, but one of the seven candlesticks closed bullish—an inverted hammer—suggesting future harmful activity. Since the price has fallen by more than 13% in the past day, today also seems to end gloomily.
Also Read: Kraken Will Not Delist USDT in Europe
As discussed in the prior article, the price had started trading in a falling triangle with bearish momentum. The bullish continuation failed after the price could not break out and close above the descending triangle. Instead, the price abruptly plunged, breaking support, and retested, confirming that the downtrend will continue. It appears that NOT is about to dive further, with the Fair value gap on our chart serving as the next potential support level.
From a severely overbought zone where the 4-hour RSI reached 93 on June 2nd, the bulls drove it down to 36, which is close to an oversold reading. Price may have fallen to our next target before the relative strength index (RSI) reaches an oversold level, which would also trigger a positive reversal. The MACD line is below the signal line, indicating an extended bearish momentum; the histogram is likewise bearish, below the zero mark line. How the crypto market feels about $NOT will probably dictate its future price movement.
