Altcoins
Bitcoin is hurting altcoins, but Notcoin is different
- Notcoin is down 12.20% in seven days, with daily gains of 2.95%.
- Market sentiment remained negative as altcoins declined due to Bitcoin volatility.
Notcoin [NOT] has seen a decline over the past seven days with a drop of 12.20%. However, in the previous 24 hours, it saw an increase of 2.95%.
At press time, NOT was trading at $0.01588 with a 21.89% decline in trading volume to $527 million. According to CoinMarketCapNOT’s market capitalization was $1.6 billion.
The recent decline of NOT and other altcoins has attracted the attention of various crypto analysts. One of these numbers is Altcoin Sherpa, who officially shared on X (Twitter) that most altcoins would face a downside.
In his tweet he said:
“Most Alts probably have a little more downside to overcome, and I’m more waiting for BTC to be very healthy before alts start moving.”
Thus, altcoins will continue to fall since Bitcoin [BTC] is currently underperforming. It was trading at $65,000 at press time, down 2.84% in seven days.
Bitcoin affects altcoins
Various altcoins have seen considerable decline. For example, Solana fell 10.2% in seven days, Dogecoin [DOGE] by 12.67%, Cardano [ADA] of 9.74%, and Shiba Inu [SHIB] of 14.11%.
Most altcoins were hit by BTC volatility as investors feared other cryptocurrencies after BTC fell from $72,000 to $65,000.
However, other analysts have been optimistic and share a positive attitude towards the NO vote. For example, Gbémilekea crypto analyst, shared a tweet claiming that,
“NOT is currently at a POI. I expect him to come out of the zone; it will be bullish.
He posited that the current interest point will turn bullish despite current market sentiment.
Why is Notcoin distinct?
AMBCrypto analysis indicated that NOT was in a consolidation phase at the time of publication.
With the current support level at $0.0150, prices will move sideways to around $0.018, showing the consolidation phase without significant gains or drawdowns.
Source: TradingView
Furthermore, RSI analysis indicated that NOT was resisting all expectations. With an RSI of 50 and an RSI-based MA of 58, NOT was in a neutral zone.
The 50 RSI is primarily seen as bullish market sentiment, but indecision at this point can lead to a decline.
Source: TradingView
According to Coinglass, total liquidation data shows higher short than long positions. Liquidation of short positions stood at $593,000 at press time, compared to $244,000 for long positions.
These market sentiments showed bearish market sentiment with further downside potential.
Source: Coinglass
Santiment data further showed that NOT was in a consolidation phase with lower social dominance.
Less social dominance meant reduced and negative market interest, resulting in low trading volume and less price volatility.
Source: Santiment
At press time, NOT was enjoying market stability with increased positive market sentiments.
With the critical support level around $0.150, accompanied by gains on the daily charts, altcoins can continue the momentum and capitalize on the gains.
However, with the consolidation phase, it will most likely move towards $0.18 in the short term.