Notcoin Price Plunges 14% as Competition Rises in the Tap-To-Earn Market
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Notcoin price is among other cryptocurrencies facing a strong sell-off as concerns arise about the rising competition in the tap-to-earn market. The Notcoin price has dived 14% today, with the NOT/USD trading at $0.00975.
In the past few days, Notcoin has been consistently dropping, with several reasons attached to its slump. To begin with, most investors are concerned about the future of Notcoin now that it has launched its airdrop. The project developers have revealed that Notcoin Explore has started promoting community-oriented projects to attract a motivated audience.
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— Notcoin Ø (@thenotcoin) July 5, 2024
Moreover, the project has reported that over 200 projects have been launched via the platform. As the project has garnered a massive following and support, it remains uncertain whether it will succeed as the market faces competition.
Secondly, most altcoins move in sync with Bitcoin’s price movement. Bitcoin’s price has recently slumped from the YTD high of over $73,000 to below $57,000. This is due to the ongoing sales by the German government and Mt.Gox. Bitcoin is down 4% and is currently trading at $54,618. Moreover, on Thursday, the founder of Tron, Justin Sun, mentioned that he is considering buying Bitcoin in an off-market transaction.
I am willing to negotiate with the German government to purchase all BTC off-market in order to minimize the impact on the market.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) July 4, 2024
Lastly, the Notcoin price is battling competition from other projects in the tap-to-earn industry. Some of them include Hamster Kombat and Dotcoin, which has led to the Notcoin price crashing so hard.
Notcoin Statistical Data
Based on Coinmarketcap data:
- NOT price now – $0.00975
- NOT market cap – $1.02 billion
- NOT total supply – 102.49 billion
- NOT circulating supply – 102.49 billion
- NOT ranking – #62
Notcoin Technical Outlook Signal a Bearish Sentiment
Notcoin price is trading with a bearish bias, below the lower trendline of a descending triangle. Technical indicators support this outlook, as the NOT/USD trades below the 50-day and 200-day SMAs. In this scenario, $0.0135 and $0.0168 are acting as immediate resistance keys, supporting the intense selling sentiment.
In the same way, the Relative Strength Index(RSI) has nosedived to the oversold region, currently at 24. However, there may be no more downsides as NOT has already been oversold. This means a recovery may be imminent but is pending confirmation.
On the other hand, the Moving Average Convergence (MACD) is in negative territory, accentuating the prevailing bearish sentiment in the NOT market. This shows buyer momentum is dwindling, with the MACD crossing below the signal line. This crossing generally suggests that the short-term momentum has turned negative, and the potential for a further decline in the stock price may be looming. Moreover, the histogram bars flash red, indicating intense selling pressure.
Will The Bulls Step In And Recover The Market?
In the 4-hour chart analysis, the sellers have the upper hand, as the big picture is bearish. If the downward momentum continues, the NOT price could slump to hold at the $0.00720 key level.
On the flip side, if a pullback does happen, the Notcoin price prediction could recover with the bulls seizing the opportunity to buy the dip. The NOT bulls might initiate a buyback campaign, pushing the NOT price above the lower trendline of the governing pattern. In a highly bullish scenario, the buyers might flip the 50-day SMA to support, targeting the $0.0169 resistance key, which coincided with the 200-day SMA in the coming days.
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