Notcoin Prices Drop After Whales Escape

Bittime - Notcoin (NOT), Telegram-based tap-to-earn project, experienced a significant price drop in recent times. 

This was triggered by the exit of a number of whales or large coin holders from the market, which had a negative impact on Notcoin price stability.

Whales Stay Away, Notcoin Prices Freefall

On-chain data shows that whale activity on the Notcoin network has decreased drastically. 

Over the past month, large Notcoin holders distributed their coins rather than accumulating them, resulting in a double-digit price drop in the period.

According to a report from IntoTheBlock, the volume of large transactions worth between $100,000 to $1 million has decreased by 74% over the past month. 

Additionally, transactions worth between $1 million to $10 million also saw a 21% drop in daily volume.

This decrease in the number of large transactions is usually seen as a bearish signal, as it lowers the overall perception of the asset. 

When retail investors realize that whales are starting to reduce their trading activity, confidence in these assets is likely to weaken. This often triggers increased selling pressure, so that prices continue to decline.

Net Flow of Large Holders Declines Sharply

Furthermore, on-chain data shows that the net flow of large Notcoin holders has fallen by 98% in the last 30 days. This net flow measures the difference between coins purchased by whales and the amount sold in a given period. 

When this metric decreases, it indicates that whales are selling more than buying coins, which is a bearish signal for the market.

Large holders, who typically control more than 0.1% of an asset's total circulating supply, play an important role in price movements. 

When they start to exit the market, this can trigger a wave of further selling from other investors who are concerned about the potential for further price declines.

Notcoin Price Prediction: Trend Flattens

Sumber: TradingView

Since August 6, Notcoin has been trading in a horizontal channel, which indicates a horizontal price movement. 

This situation occurs when there is a relative balance between the accumulation and distribution of coins, thereby preventing the asset from moving strongly in either direction.

Technical indicators such as the Relative Strength Index (RSI) show that the price movement momentum has remained flat since August 8. 

RSI, which measures whether an asset is overbought or oversold, indicates that Notcoin is currently in a consolidation phase, with no strong indication that the asset is being overbought or sold.

Additionally, Notcoin's Average True Range (ATR), which measures market volatility, has also shown a downward trend since August 8. 

This decrease in ATR indicates reduced market volatility, which suggests that Notcoin is currently less susceptible to sharp price fluctuations.

If Notcoin manages to break the upper boundary of this horizontal channel, the price could rise towards $0.13. However, if the price falls below the lower boundary of the channel, there is a possibility that the price will fall further to $0.008.

Conclusion

The recent decline in Notcoin prices is a result of reduced whale activity in the market. The sharp decline in large transaction volumes and large holder net flows indicates significant selling pressure. 

Even though prices are currently moving flat, investors should remain alert to the possibility of further declines if selling pressure continues.

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