Notcoin (NOT) has experienced a turbulent 24 hours, with its price declining by 4.27% to $0.00775. While there were brief attempts to push higher earlier in the week, the market is grappling with significant selling pressure. Using the Exponential Moving Averages (EMA) and the Average Sentiment Oscillator (ASO), this analysis explores the factors affecting Notcoin’s price action and the potential short-term outlook.
EMA Levels Highlight Key Resistance Points
The Exponential Moving Averages (EMA) on the hourly chart emphasize the struggles faced by the bulls in maintaining upward momentum. Currently, the price remains under the 20-period EMA at $0.00799 and the 50-period EMA at $0.00803. These levels act as immediate resistance, stifling bullish attempts to break higher.
Additionally, the 100—and 200-period EMAs at $0.00797 and $0.00795 provide additional resistance layers. Each attempt to break through these moving averages has been unsuccessful, leaving Notcoin vulnerable to further downside as bears maintain control.
ASO Confirms Bearish Sentiment
The Average Sentiment Oscillator (ASO) further underscores the strength of bearish market sentiment. The red line on the ASO indicator is significantly higher than the blue line, with the red at 74.16 and the blue at 25.83. This wide gap reveals that the sentiment is largely negative, with more traders expecting the price to drop rather than rise.
This sentiment indicator indicates the market’s overall outlook, showing that bearish forces continue to dominate. For Notcoin to regain bullish momentum, it would require a shift in sentiment, which currently seems unlikely given the prevailing market conditions.
Conclusion
The technical analysis of Notcoin over the past 24 hours suggests that bearish sentiment weighs heavily on the price. With the EMAs creating strong resistance levels and the ASO reflecting a predominantly negative sentiment, Notcoin is likely to continue its downward trajectory unless there is a significant change in market conditions. Traders should be cautious, as the current trend points to further selling pressure in the near term.
