Notcoin (NOT) Price Eyes $0.01 Comeback as Holders Await Recovery

Notcoin (NOT)’s price, which has decreased by 28% within the last 30 days, is recovering today. At press time, NOT trades at $0.0084, suggesting that the broader market condition could be stabilizing.

Will the cryptocurrency be able to sustain the hike? This on-chain analysis examines the possibility.

Sentiment Around Notcoin Nears Remarkable Switch

Exactly three months ago, Notcoin (NOT) reached an all-time high of $0.028. This surge occurred a few weeks after the viral Telegram tap-to-earn mining project distributed numerous tokens to its users.

Since then, NOT’s price has plummeted by 70%, largely due to significant profit-taking and issues surrounding Telegram CEO Pavel Durov.

Despite these setbacks, data from Santiment indicates a shift in sentiment from bearish to bullish. On September 1, Notcoin’s Weighted Sentiment was -0.66.

Spikes in this metric suggest many positive mentions of a project, while a decrease reflects a bearish outlook. As of now, the sentiment has improved to -0.21, indicating a significant reduction in negative sentiment online. If the metric rises into the positive region, it could lead to increased demand for the token.

Read more: 5 Top Notcoin Wallets in 2024

Notcoin Weighted Sentiment. Source: Santiment

Despite the recent bearish environment, Notcoin holders have demonstrated considerable patience. According to data from IntoTheBlock, the average holding time for transacted coins has surged by 247% over the last seven days.

This metric reflects the duration a cryptocurrency is held before being transacted. A decline in holding time generally indicates that more market participants are selling, which could put downward pressure on the price.

Notcoin Coins Holding Time. Source: IntoTheBlock

However, an increase in holding time, as seen with NOT, indicates that holders are waiting patiently and confident that the price will eventually rebound. 

NOT Price Prediction: It All Depends on a Crucial Area

On the daily chart, Notcoin appears to be exiting the downtrend it has faced since July, trading around the $0.0084 support level that previously sparked a rally to $0.028 in June. However, this doesn’t guarantee a repeat of that move.

Recent attempts to retest $0.014 have failed, suggesting that it could be a challenging target. If bulls can defend the $0.0084 support, Notcoin’s first target might be around $0.0095, potentially climbing to $0.010.

Read more: Notcoin (NOT) Price Prediction 2024/2025/2030

Notcoin Daily Analysis. Source: TradingView

However, these scenarios could be rendered null and void if the token falls below the crucial support. If this happens, Notcoin’s price might plummet to $0.0077.

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