In the cryptocurrency world, Notcoin attracted attention with its innovative 'play-to-earn' model, allowing users to mine tokens through interaction with a Telegram bot. Despite a successful launch on The Open Network (TON) in May 2024 and rapid growth, Notcoin has faced a significant decline.
Reasons for Notcoin's Decline
The main reasons for the token's price drop are: 1. A massive sell-off by token holders after the airdrop. Many recipients chose to sell their tokens to secure profits, leading to a price drop. 2. The arrest of Telegram CEO Pavel Durov in August, though he was later released. This incident created uncertainty in the TON ecosystem, affecting tokens like TON, NOT, and DOGS.
Recovery Possibility
Notcoin is down nearly 75% from its all-time high, hitting a recent low of $0.0074. Historically, the token has shown signs of recovery from similar levels, and there's optimism for a possible rebound. The fourth quarter has often been bullish for the market, which could support a potential recovery.
Technical Analysis
If Notcoin rebounds, the next resistance level to watch is $0.011, representing a 50% increase from its current price. Conversely, if the downturn continues, the critical support level to monitor is $0.0057. The current Relative Strength Index (RSI) is at 30.56, with the RSI-Based Moving Average at 29.67, indicating that the token may be oversold and poised for a potential turnaround.
In summary, while Notcoin faces a challenging period, historical trends and technical indicators suggest a recovery could be on the horizon.
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