Altcoin
Bitcoin makes altcoins suffer, 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.
Not money [NOT] has seen a decline in the last seven days with a decline of 12.20%. However, during the previous 24 hours, it recorded an increase of 2.95%.
At the time of writing, NOT was trading at $0.01588, a 21.89% decline in trading volume to $527 million. Second CoinMarketCapNOT’s market capitalization was $1.6 billion.
The recent decline in NOT and other altcoins has caught the attention of various crypto analysts. One of these figures is Altcoin Sherpa, who formally shared on X (Twitter) that most altcoins will face a disadvantage.
In his tweet, he said,
“Most alternatives probably still have some downsides to overcome, and I wait more for BTC to be in a very healthy state before alternatives start to move.”
Therefore, altcoins will continue to decline ever since Bitcoin [BTC] it is currently underperforming. At the time of writing, it was trading at $65,000, down 2.84% in seven days.
Bitcoin influences altcoins
Various altcoins have suffered notable declines. For example, Solana fell 10.2% in seven days, Dogemoneta [DOGE] by 12.67%, Cardano [ADA] by 9.74% e Shiba Inu [SHIB] by 14.11%.
Most altcoins faced a major hit due to BTC’s volatility, with investors fearing other cryptocurrencies after BTC fell from $72,000 to $65,000.
However, other analysts have experienced optimism, sharing positivity regarding the NOT. For example, Gbemilekea crypto analyst, shared a tweet claiming that,
“NOT is currently at a POI. I expect him to move out of the area; it will be bullish.”
He speculated that the current interest point will turn bullish despite the current market sentiment.
Why is Notcoin distinct?
AMBCrypto analysis indicated that NOT was in the process of consolidating at the time of writing.
With the current support level at $0.0150, prices will move sideways around $0.018, showing the consolidation phase without significant gains or declines.
Source: TradingView
Furthermore, the RSI analysis indicated that it was NOT against all predictions. With an RSI of 50 and an RSI-based MA of 58, NOT was in the neutral zone.
The 50 RSI is mostly seen as a bullish market sentiment, but indecision at this point can lead to a downside.
Source: TradingView
According to Coinglass, total liquidation data shows higher short positions than long ones. At the time of this writing, the liquidation of short positions was $593,000, compared to $244,000 of long positions.
These market sentiments showed a bearish market sentiment with further downside potential.
Source: Coinglass
Santiment data also showed that NOT was in a consolidation phase with lower social dominance.
Lower social dominance implied reduced and negative market interest, resulting in low trading volume and reduced price volatility.
Source: Santimento
At the time of writing, NOT was enjoying market stability with growing positive market sentiment.
With the critical support level around $0.150 accompanied by gains on the daily charts, altcoins can continue with the momentum and capitalize on the gains.
However, with the consolidation phase, it will most likely move around $0.18 in the short term.