Notcoin (NOT) experienced a 5% price increase and a 50% surge in trading volume following rumors that Telegram founder Pavel Durov had been released by French authorities.
However, these rumors were inaccurate. On-chain analysis indicates that this rise in Notcoin's price might be temporary.
On August 28, French authorities laid several charges against Durov, who was released on a €5 million bail but restricted from leaving France. Following this judgment, Notcoin's price peaked at $0.0092, with trading volume reaching $412.84 million.
Despite the initial surge, the decreasing trading volume and falling price suggest waning interest in Notcoin. On-chain data from IntoTheBlock's Bulls and Bears indicator shows more selling than buying activity, indicating higher selling pressure.
The bearish flag and low Relative Strength Index (RSI) readings confirm that the price increase may be short-lived. If Notcoin fails to break above the bearish flag's upper trendline, its price could drop to $0.0085.
