Although Notcoin (NOT) started strong following its launch, the price has resumed a bearish move. So far, it has fallen 50% from its June high of around $0.029.
It has also since then formed a descending channel pattern, which has formed support and resistance for its continuously dropping price.
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The upper boundary of the channel serves as resistance, while the lower boundary is a support. The price has, as a consequence, also been forming lower highs and lower lows. T
Price Could Drop by 40%.
At the time of writing, the price has hit the upper resistance at $0.017 and is now going for the support (which is the lower band) to continue the downward pattern that started in June. If this pattern continues, then we could see up to 50%
The Relative Strength Index is currently at 50, which is also a sign that the police have much room to decline before it becomes overbought in case the fall continues.
Adding to the bearish outlook, the 50-day simple moving average is already acting as resistance for the price and could continue to push it down.
A decisive break above the top (upper boundary) of the channel at any time could invalidate this pattern. Such could be triggered by some news, on-chain metrics or positive market sentiment. However, for now, price action suggests that the price of Notcoin could drop sharply.
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