Amidst the increasing volatility, the price of NOT has fallen by 52% over the past 90 days . As a result, some market participants are viewing the NOT price plunge as an opportunity to purchase the token at a discount.
There has been some speculation that Notcoin (NOT) could bounce back to $0.012, but recent on-chain analysis casts doubt on the likelihood of such a quick recovery.
NOT Loss of liquidity, facing obstacles
In June, tokens associated with The Open Network (TON) blockchain reached an all-time high of $0.028 . This was largely driven by derivatives market activity. During that rally, open interest (OI) peaked at over $200 million, indicating high liquidity and significant trader activity.
Open Interest measures the total number of open contracts for a cryptocurrency, and a high OI generally indicates improved market liquidity, which allows traders to enter and exit more easily. However, a decrease in OI indicates that traders are liquidating their positions, which means the market is becoming less liquid.
According to Santiment, a cryptocurrency online data platform, NOT’s open interest has since fallen to $67.57 million. This decline suggests that there is not enough capital in the market to push the token price to $0.012.
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Currently NOT is trading at $0.0073, and In/Out of Money Around Price (IOMAP) data suggests that it could face downward pressure.
The IOMAP indicator compares the average price at which the token was purchased to the current market price to determine the number of addresses that are in a profit, loss, or break-even state. Currently, the token is experiencing significant resistance at $0.0076 . 87,610 addresses holding 84.1 million tokens are currently in a loss state.
This amount is greater than the amount held by the profitable addresses. The profitable addresses purchased between $0.0062 and $0.0073.
NOT Price Prediction: Time to go below $0.0070
On September 14, NOT briefly rose to $0.0080 but then met resistance and began a downtrend. On the 4-hour timeframe, NOT is facing resistance at $0.0073 and $0.0074, levels that have consistently hindered the upward movement .
The Relative Strength Index (RSI) fell to 37.54, indicating a bearish trend. A reading below 50 indicates that selling pressure is dominant.
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If this trend continues or worsens, NOT may fall below the $0.0071 support level and further decline to $0.0066. However, if buyers buy in large quantities, Notcoin may withstand the downward pressure and rise back to $0.0080 .
