The excitement surrounding Notcoin (NOT), a once-promising Telegram-based tap-to-earn project, has significantly declined in recent weeks. This dip in sentiment is likely tied to the token’s disappointing price action.
Once a top performer among the top 100 cryptocurrencies, NOT’s value has dropped by 30.76%. Instead of buying the dip, holders appear to be abandoning the ship.
On August 19, Notcoin’s price spiked to $0.011, which sparked speculation that the token might hold onto the gains. However, BeInCrypto's on-chain analysis revealed the short-lived nature of this upswing.
According to IntoTheBlock, the average holding time of transacted coins on Notcoin’s network dropped by nearly 62% over the past week. Also, the volume of transacted coins over the last 30 days has declined significantly.
The decrease in NOT's holding time reflects growing selling pressure and diminished confidence in its short-term potential.
Moreover, retail investors aren't the only ones selling NOT. The Bulls and Bears indicator shows more bears than bulls, signaling increased selling activity.
In the current context, bulls represent addresses that bought 1% of the total trading volume, while bears are those selling 1% of the volume. If this trend persists, Notcoin may struggle to recover from its 30% decline.
Notcoin’s technical setup highlights its failure to break the bearish market structure, trading at $0.010 at press time. The price is below the 20-day and 50-day EMAs, reinforcing the bearish trend.
Additionally, the On Balance Volume (OBV) is flat, indicating a lack of accumulation. Unless the market structure improves, NOT’s price may drop to $0.0084. However, if buyers step in and the price rises above the 20 EMA, it could reach $0.012.
