A crypto trader, JoeChampion, on TradingView, thinks Notcoin (NOT) will continue to decline based on the ongoing bearish price action. Based on his analysis, Notcoin is currently in a downward trend and going through a correction phase.
The trader has spotted an important resistance level around $0.0172, which matches up with a descending trend line. This combination of technical factors suggests the ongoing pullback could be stopped at this critical point.
JoeChampion states, “We are monitoring NOTUSDT for a selling opportunity around $0.017200 zone.” He further adds, “NOTUSDT is trading in a downtrend and currently is in a correction phase in which it is approaching the trend at 0.017200 support and resistance area.”
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Potential for a Further 25% Decline
The chart provided by JoeChampion indicates that if the price fails to break above the $0.017 resistance level, Notcoin could experience a continued downtrend, suggesting a 25% decline to around $0.012.
JoeChampion’s chart reveals a clear overall downtrend for Notcoin. The current retracement is seen as a temporary move against the primary trend, with the $0.017 level acting as both a resistance and a point of interest for potential selling opportunities.
The trader notes, “Decent consolidation towards the trend, will be watching the price action shortly.” This statement indicates that JoeChampion is closely monitoring the price action near the identified resistance level for confirmation of the bearish scenario.
Caution Advised for Traders
While the analysis presents a compelling case for potential selling opportunities, JoeChampion emphasizes the importance of risk management. He concludes his analysis with a reminder to “Trade safe,” highlighting the volatile nature of cryptocurrency markets and the need for cautious trading practices.
As Notcoin approaches a critical resistance level, traders and investors should remain vigilant. The confluence of technical factors, including the descending trendline and the $0.017200 resistance zone, suggests that NOTUSDT could be at a turning point. If the bearish scenario plays out as JoeChampion anticipates, Notcoin may face further downside risks, with a potential 25% drop to $0.012 on the horizon.
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