Notcoin down 34% in 10 days, can the bulls trigger a reversal?

Notcoin has been on a consistent downtrend since it dropped from a critical psychological support level in late August.

The bearish phase for Notcoin (NOT) began on Aug. 24, when it fell below the crucial $0.01 support. The following day, NOT further plunged beneath the Fibonacci Pivot support at $0.00986, cementing its position in bearish territory.

Meanwhile, the market’s outlook for the asset worsened on Aug. 26, coinciding with reports of Telegram founder Pavel Durov’s arrest. The news of Durov’s detention triggered a sharp 12.47% drop, the steepest since Aug. 7. 

Following this, Notcoin entered a period of consolidation, with prices stabilizing briefly. However, September has seen a resurgence of bearish sentiment across the broader crypto market, exacerbating NOT’s bearish situation. 

Currently, Notcoin is trading at $0.00754, marking a four-month low. This shows a 34% decline from its Aug. 24 price of $0.01142. 

Moreover, the asset’s daily Relative Strength Index has fallen steadily, now sitting at 32, suggesting that Notcoin is slightly oversold. Further sharp price declines could trigger a drop below 30, pushing Notcoin deep into oversold territories.

If NOT manages to break and hold above the $0.00772 level, it could signal the beginning of a consolidation phase or even a potential recovery. 

However, the declining RSI suggests continued bearish pressure, and further push below this territory could lead to further losses, with the next significant support at $0.00640.

On the upside, a rebound toward the Pivot level at $0.00986 could signify a recovery attempt. However, the bulls would need significant momentum to reclaim this level and challenge the resistance at $0.01200. 

However, without strong buying interest, Notcoin risks deeper losses, making the current support levels crucial in determining its next move.