Notcoin Price Prediction: Reasons Meme Coin Crashing Suddenly

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As a researcher with some experience in the crypto market, I’ve seen my fair share of meme coins surging only to experience sharp corrections afterwards. The recent price action of Notcoin is a prime example of this phenomenon. Although it reached new all-time highs, the token has now entered a bearish phase, with sellers taking profits and pushing NOT downwards.

As a researcher studying the cryptocurrency market, I’ve noticed that Notcoin, the most viral meme coin, has taken a turn for the worse after experiencing a significant rally over the past two weeks. The price of Notcoin has dipped back into the red, with sellers slowly cashing out and trimming their gains, which amounted to an impressive 302% increase during this period. This sudden shift in market sentiment has left bulls feeling somewhat breathless.

As an analyst, I’ve observed that the token has experienced a substantial 120% price surge over the past week. However, the market trend took a turn for the worse in the last day, with bearish movements causing declines of up to 12%. This downturn was particularly notable during US business hours on Wednesday.

Prior to the adjustment, the meme coin didn’t reach a new record high of $0.02836. Those who bought the viral “tap-to-earn” digital currency at its lowest point, priced at $0.004611, have seen their investment grow by over 300%.

Why Is Notcoin Falling?

Among the key drivers of market volatility, profit-taking emerges as a significant factor. As soon as early investors secure profits from their investments, they often transfer these gains to more stable assets such as Bitcoin and well-established altcoins.

After an impressive surge in value last week, Notcoin now faces a challenging period to convince investors of its ability to maintain its worth. This uncertainty may pique the interest of traders, who might seek to capitalize on potential future spikes leading to new record highs.

As I observe the market’s turbulence, Notcoin remains steady around $0.02116. However, based on the current technical setup, it appears that the downward trend may persist in the forthcoming trading sessions.

As an analyst, I’ve noticed a shift in investor behavior towards more established meme coins recently. On June 5 alone, some of these coins experienced double-digit percentage gains. For instance, Floki reached a new all-time high and is currently experiencing a 17% surge within the last 24 hours.

CoinGecko shows bullish movements in Shiba Inu, dogwifhat, Brett, Joe Boden, and Myro.

Notcoin Price Prediction: Can Bulls Fight For Recovery?

In simpler terms, when the price is trending strongly downwards and hasn’t dipped below its 20-day moving average, this path represents an easy route for bears to follow. The MACD indicator adds to the bearish perspective with a clear sell signal.

Notcoin Price Prediction: Reasons Meme Coin Crashing Suddenly

Increasing red histograms is another bearish sign to consider when intending to trade NOT.

Several significant points might influence Notcoin’s price trend this week. If Notcoin rebounds from the 38.2% Fibonacci retracement level, it could rekindle investor enthusiasm and fuel a rally back to the peak, potentially reaching new heights above $0.03.

If sellers drive the price down below the 38.2% Fibonacci level, on the other hand, there’s a strong likelihood that declines will escalate. In this scenario, traders may need to adjust their focus towards the ascending trendline and the 50% Fibonacci retracement level as potential support zones. The 50-day Exponential Moving Average (EMA) intersects with the trendline at this point, serving as a robust area of support.

Below both of these levels, Notcoin could enter a spiral movement below $0.015 and reach $0.01.

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2024-06-05 18:58