Notcoin (NOT) Falls Below $0.0156- Is It Beginning to Slip Once More?

Notcoin [NOT] was successfully reversing its bearish fortunes recently, as bulls were dominant. But the momentum stalled over the past week, and the price did not reach the positive forecasts laid out for it.

After a successful period of reversing its bearish misfortunes, Notcoin [NOT] bulls were dominant recently. But the momentum stalled over the past week, and the price did not reach the positive forecasts laid out for it.

The dwindling trading volume was a concern as it signaled ambivalence from the market participants. Will the token continue to register gains, or was the rally just a brief respite during the downtrend?

NOT falls below $0.0156- is it beginning to slip once more?

Source: NOT/USDT on TradingView

After breaking the trendline resistance (orange) it was expected that NOT would continue higher and hold on to the $0.0156 level as support.

This level had been a stubborn resistance toward the end of June, but the bulls were not able to capture it wholly.

This might be because of the rapid pace of the recovery from the 78.6% Fibonacci level.

The bounce left a sizeable fair value gap, and the built-up liquidity around the $0.01-$0.012 region might pull prices down to it before a move higher.

The CMF was at +0.06 to signal buyer dominance, but the RSI reading of 52 was only slightly bullish.

Sentiment remained muted despite the structure break

Source: Coinalyze

The Open Interest jumped alongside the prices a week ago but has indicated bearish sentiment during the past few days. This was accompanied by a persistent downtrend in the spot CVD.

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The long liquidations on the 11th of July when prices crept below $0.015 showed that this move downward was indeed searching for liquidations.

However, the evidence does not support a renewed bullish effort in the near term.