Notcoin (NOT), a Telegram-based game, tumbled more than 20% in the last 48 hours and went bearish.

Per the media reports, Pavel Durov, the co-founder and CEO of Telegram, was detained in France on Saturday night.

Telegram-based game token Notcoin (NOT) tumbled more than 20% in the last 48 hours and went bearish.

According to media reports, Pavel Durov, the co-founder and CEO of Telegram, was detained in France on Saturday night. This happened after his arrival from Azerbaijan on his aircraft, as reported by the regional media outlet.

Also Read: Toncoin Price Crashes 15% As Telegram Founder Arrested In France

Toncoin and Notcoin, both of which are linked to Telegram, saw a panic selloff and clocked a downfall in the last few hours.

Moreover, France’s National Anti-Fraud Office arrested Durov over charges related to the alleged unlawful actions of service users, for which the company in question denied moderation.

As the news spread, sellers maintained their upper hand and added fresh short positions, resulting in a price tumble.

Following a tight-range movement over the past two weeks, the NOT price breached the consolidation zone and lost momentum.

Currently, the token has reached its most crucial pivot of $0.00900. If breached, a severe panic selloff could be seen ahead.

Renewed Sell Pressure Turns Notcoin On Bearish TrackAfter a rough start to the week, NOT experienced a weekly drop of over 18%. It struggled to secure the gains near the demand zone. Despite the market uptick in the last 48 hours, Notcoin rides on a different track and denotes negative sentiment.

As the bearish influence grows over the crypto market, altcoin is looking to heat up for a bear run.

NOT Price Chart | Source: Santiment

However, it was still held above the demand zone, and gains were struggling to be held there. Buyers have an edge to trigger a recovery unless the token secures the mark.

A trader, @Goldas, in his post on X, highlighted that Notcoin persisted in trade with a bearish bias. It continued to face the overhead trendline hurdle.

$Not coin Currently downtrend and under presure seller But I like this plan idea deviation at key level pic.twitter.com/r9Tas2W6jw

— goldas trader (@goldas_trader) December 12, 2023

At press time, Notcoin was trading at $0.00971, with an intraday decline of over 17.28%, underlying the bearish sentiments. Moreover, the trading volume rose by over 138%, which signifies increased selling pressure.

Among the top losers, Notcoin (NOT) showed an intense downtick and a panic selloff.

With a market cap of $997.13 Million, the token slipped to the 74th position and has a total supply value of 102.71 Billion.

Surge In Long LiquidationsAmid the significant price decline, the long liquidations rose to $1.23 Million. At the same time, the short liquidations were noted at $326.39k. This insane surge in long liquidations highlighted a rise in the bearish sentiment.

Along with the rise in long liquidations, the futures open interest rose by over 6.35% to $143.06 Million. It conveyed a rise in the short positions in the past 24 hours.

Regarding the technical indicators, the bearish trend momentum is rising as the RSI gives a negative crossover. Furthermore, the token has slipped below the key moving averages, implying immense selling pressure.

If the bearish momentum is sustained, the 23.6% Fib level close to $0.00830 may revisit as the potential downside target. However, if buyers held the gains near the pivot of $0.00900, a dead cat bounce toward the $0.0110 mark can be anticipated.

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.