- Notcoin’s creators leveraged Telegram’s user base to create a community around the NOT token.
- Key indicators show reduced potential for price recovery despite Notcoin burning 233 million tokens.
Non-coin [NOT] showed signs of exhaustion in the spot market, with the token’s price falling 31% over the past 30 days. Technical and on-chain metrics indicate weakening momentum, suggesting the price decline may continue.
Weakening price strength
TradingView’s NOT/USD 4-hour chart data shows that the Relative Strength Index (RSI) has been trending downward since peaking near the overbought zone on September 9.
The declining 4-hour RSI indicates that selling pressure is weighing on the pair and could be a harbinger of further price declines.
Source: TradingView
Strikingly, according to data from IntoTheBlock, only 23% of Notcoin addresses are making a profit at current prices, while a whopping 65.50% are in the red.
NOT is facing notable resistance at $0.0083, with 171,780 addresses holding 3.59 billion tokens underwater.
Declining network activity
The on-chain metrics further reinforce the bearish outlook, showing a steep drop in Notcoin’s network activity, confirming that excitement around the tap-to-earn play has waned.
The number of new addresses on the network has fallen by 41.9% over the past seven days, while the number of active addresses has fallen by 49.2% over the same period.
Source: IntoTheBlock
Consistent with this trend, the active address ratio (expressed as a percentage) fell in September, indicating declining user engagement.
Notcoin recorded a 30-day low of 1.13% active addresses on September 17, compared to a 30-day high of 3.76% on September 5.
Source: IntoTheBlock
Transaction volumes have also taken a hit. The number of transactions on the network has been consistently hovering below 50,000 since September 13, reaching a seven-day low of 41.23,000 on September 17.
The number of daily large transactions has also decreased this month, reaching a seven-day low of just 3 transactions on September 16. The decline indicates reduced whale activity and implies that even deep-pocketed keepers are retreating.
NOT/USDT Outlook
NOT was trading slightly above the $0.0070 support level at the time of writing, with the next cushion around $0.0044. The 1-D NOT/USDT chart shows that the pair has been moving within a bearish wedge pattern since June, continually testing new lower resistances.
Given the lack of buying interest in the market, a drop below the current support level could lead to greater losses.
Source: TradingView
Zooming in on the 4-hour chart, NOT/USDT has been consolidating between $0.007 and $0.0084 since early September.
The pair rose to $0.0076 on September 17 before being rejected and changing course in line with recent price action below a descending resistance line.
Source: TradingView
It is worth noting that the Notcoin (NOT) correlation with both Bitcoin (BTC) and Ethereum (ETH) has grown over the past month, especially for the later ones.
Read Notcoin’s [NOT] Price forecast 2024–2025
Data from IntoTheBlock shows that the 30-day correlation between NOT and ETH currently stands at 0.81 and is approaching its high of 0.85 on August 20.
The growing correlation indicates that NOT’s price movement is becoming increasingly linked to that of its flagship altcoin.