Notcoin (NOT) holders have returned with renewed confidence, signaling a potential shift in market sentiment. This is a surprising development, considering how the token has performed recently.
Over the last 30 days, Notcoin’s price has decreased by 30%. This decline could be attributed to notable profit-taking, dwindling confidence, and the arrest of Telegram CEO Pavel Durov in France. Despite this, on-chain data from IntoTheBlock revealed that NOT holders have refused to give up.
For instance, the Coins Holding Time, a metric that tracks the amount of time a crypto has been held without being transacted, has increased by 190% in the last seven days. This suggests that holders are convinced that there is light at the end of the tunnel.
The Addresses by Time Held metric implies that short- and long-term holders are not liquidating their assets. This strong conviction aligns with the potential for a price resurgence.
At press time, NOT’s price was at $0.0077. Despite the recent decline, the token has broken above the descending trendline, indicating that a bounce beyond current levels could be near. The Relative Strength Index (RSI) is close to the oversold region, hinting at a potential rebound.
According to the Fibonacci retracement indicator, the price could surge by 60% to reach $0.012. However, if token holders lose confidence, this prediction may be invalidated, potentially causing the price to fall to $0.0070.
