By CoinGape

Notcoin Price Prediction: Crypto’s most viral meme coin is back in the red after leading a profound rally since last week. Notcoin sellers are gradually trimming the 302% fortnight gain, leaving bulls gasping for air.

The token still sustains a 120% increase in value in the last seven days but the last 24 hours have been intensely bearish, with declines reaching 12% during US business hours on Wednesday.

Before the correction, NOT surged to achieve a new all-time high of $0.02836. Investors who purchased the viral tap-to-earn meme coin at an all-time low of $0.004611 are up more than 300% on their initial investment.

Why Is Notcoin Falling?

Profit-taking is one of the major factors causing instability in the market. Early investors are quick to cash out for profit, which they are likely to distribute to Bitcoin and other established altcoins.

Following the incredible rally last week, headwinds were expected. Now, Notcoin as an uphill battle to prove to investors that it can hold its value. This will attract interest from traders who are likely to bet on the next breakout to a new all-time high.

Amid the volatility, Notcoin hovered at $0.02116. The technical structure hints at the downtrend continuing in the coming sessions.

Similarly, investors seem to have turned to more established meme coins, some of which spiked in double digits on June 5. Floki hit a new all-time high, and is sustaining a 17% surge in the last 24 hours.

CoinGecko shows bullish movements in Shiba Inu, dogwifhat, Brett, Joe Boden, and Myro.

Notcoin Price Prediction: Can Bulls Fight For Recovery?

The path of least resistance is strongly inclined downwards, especially with NOT price sliding below the 20-day Exponential Moving Average (EMA) in blue. Backing the bearish outlook is a vivid sell signal from the Moving Average Convergence Divergence (MACD) indicator.

Notcoin price prediction chart | TradingviewNotcoin price prediction chart | Tradingview
Notcoin price prediction chart | Tradingview

Increasing red histograms is another bearish sign to consider when intending to trade NOT.

Various key levels could play a role in the direction Notcoin price takes this week. A rebound from the 38.2% Fibonacci retracement level could quickly renew interest in the token and support a recovery to the peak and subsequently a new all-time high above $0.03.

Conversely, declines will likely increase if sellers push below the 38.2% Fibonacci level. In that case, traders will be forced to shift targets to the ascending trendline and the 50% Fibo. The 50-day EMA forms a confluence support with the trendline.

Below both of these levels, Notcoin could enter a spiral movement below $0.015 and reach $0.01.

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John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Source: CoinGape