Crypto whales sell off Notcoin amid decreasing hype
Notcoin (CRYPTO:NOT) has experienced a significant drop in whale activity, signaling a bearish outlook as large holders increasingly sell their assets amid the altcoin's price decline.
Over the past month, there has been a sharp decrease in the volume of large transactions involving NOT.
Specifically, transactions valued between $100,000 and $1 million have plummeted by 74%, while those between $1 million and $10 million have decreased by 21%.
This reduction in large transactions suggests that major investors are losing confidence in the asset, leading to increased selling pressure and further price declines.
The netflow for large holders of Notcoin has also seen a dramatic drop, falling by 98% in the last 30 days.
Netflow measures the difference between the amount of an asset being bought and sold by large holders.
A declining netflow indicates that whales are more inclined to sell their holdings rather than accumulate, adding to the downward pressure on the asset’s price.
Market activity for Notcoin shows signs of indecision.
Since August 6, NOT has been trading within a horizontal channel, indicating a balance between buying and selling that has prevented significant price movement in either direction.
The Relative Strength Index (RSI), a key momentum indicator, has remained flat, reflecting this market indecision.
Additionally, the Average True Range (ATR), which measures volatility, has been decreasing, suggesting reduced market swings and further consolidation.
Looking ahead, Notcoin's price could break out of its current range and rise towards $0.13 if positive momentum returns.
However, if the price falls below its support level, it could drop further to $0.008.
Notcoin's recent price movements and declining whale activity suggest a period of uncertainty, with potential for both rallies and further declines.
At the time of writing, Notcoin was priced at $0.01076.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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