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Notcoin Surge: A Brief Glimmer or a False Dawn?

The 5% surge in Notcoin's price is driven by speculation. Find out why this increase might be temporary and what bearish indicators are showing.

2 min 30 sec August 29, 2024

Highlights:

•

Notcoin’s 5% price rise driven by false rumors.

•

Trading volume surged but is now declining rapidly.

•

On-chain data shows bearish trends and selling pressure.

Notcoin Surge: A Brief Glimmer or a False Dawn?

Notcoin (NOT) just experienced a 5% price jump, sparking excitement among investors. But there's more to the story than meets the eye. 

 

While the price surge seems promising, on-chain data suggests it might be a temporary boost, driven by speculation rather than substance. Recent developments concerning Telegram founder Pavel Durov might be the real reason behind the sudden spike.

 

Speculation Drives Price Surge

 

Social media buzz about Durov's supposed release by French authorities played a significant role in the recent price action. Even though the rumor was false, the speculation alone was enough to push Notcoin's price to $0.0092. 

 

Also, trading volume surged by 50%, hitting $412.84 million, indicating heightened interest in the cryptocurrency. However, this increase in activity seems to be fading just as quickly as it began. 

 

Volume is a critical measure of market interest. The rapid decline suggests that the excitement may have been short-lived.

 

Bears Outnumber Bulls

 

 

On-chain analysis from IntoTheBlock reveals a concerning trend for Notcoin. The data shows that more participants are selling NOT than buying it.

 

Consequently, a higher selling pressure that could drive the price down further is created. This is particularly troubling because the current chart pattern, bearish flag, signals a continued downtrend.

 

If Notcoin fails to break above this bearish flag's upper trendline, its price might drop to $0.0085. The Relative Strength Index (RSI) also shows bearish momentum, remaining below the neutral line.

 

While Notcoin's recent price surge might have caught your attention, the underlying data suggests that the excitement could be short-lived. If the current trends persist, Notcoin might struggle to maintain its current momentum. 

 

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