Notcoin (NOT) Price Prediction: The Increase Is a False Alarm

Notcoin (NOT), the cryptocurrency associated with the Telegram-based clicker game, has seen a 5% price increase in the last 24 hours. This rise followed speculation on social media that Telegram founder Pavel Durov had been released by French authorities.

Notcoin (NOT) price showed a 5% increase over the last 24 hours, continuing a recent rally. This followed speculation on social media that Telegram founder Pavel Durov had been released by French authorities.

However, the rumor turned out to be false, with French authorities stating that Durov was released on a €5 million bail but was still barred from leaving the country.

Given this, an on-chain analysis suggests that Notcoin’s recent price increase might be short-lived.

French authorities pressed several charges against the founder on August 28, specifically related to illicit activity on the app. While Durov was released on a €5 million bail, the Telegram founder is restricted from leaving the country following this judgment.

However, the rumor mill quickly spread the news that Durov had been released by French authorities, leading to a surge in Notcoin’s price. This cryptocurrency is closely linked to Telegram’s tap-to-earn clicker game, known as Not Gem Hunt.

As more participants sold NOT than bought it, this selling pressure could prevent the cryptocurrency from recovering fully by the end of August.

bulls and bears

This indicator tracks whether participants who bought at least 1% of the total trading volume (bulls) are pushing the price up, or if those who sold the same amount (bears) are dragging it down.

As of now, there are four more bears than bulls, indicating higher selling pressure. If this selling pressure persists through the end of August, NOT’s price may struggle to recover and could potentially slide toward an all-time low.

Notcoin’s brief price increase has helped form a bearish flag on the daily 4-hour chart. This pattern usually forms after a downtrend with increasing volume, followed by a period of consolidation with decreasing volume, which eventually leads to a further price drop.

If NOT fails to break above the upper trendline of this bearish flag, the price could drop to $0.0085. Moreover, the Relative Strength Index (RSI) remains below the neutral line, indicating that bears currently control NOT’s price trend.

The low RSI reading suggests a lack of bullish momentum, which could push the price lower. However, if buying pressure increases, NOT might climb toward $0.0095, potentially invalidating the bearish outlook.

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