Notcoin (NOT) Faces Bearishness as Telegram CEO Arrest Sends Shockwaves Through the Market

Notcoin’s (NOT) price is reacting just as other Telegram bot tokens have over the last couple of days. The ongoing controversy surrounding Telegram’s CEO

Notcoin (NOT) has joined the ranks of other Telegram bot tokens that have seen their prices slip into a downtrend over the last couple of days.

The ongoing controversy surrounding Telegram’s CEO has impacted the altcoin’s movement, sending shockwaves through the market and altering investor sentiment, ultimately weakening the bullish momentum that was present before the news broke out.

One of the key indicators that highlight this shift is the Relative Strength Index (RSI). Previously, the RSI was indicating a close breach of the neutral line; however, it has now nearly plummeted to the oversold threshold. This drop in the RSI is highlighting a sudden and sharp decline in buying pressure, which is impacting Notcoin’s price.

As the market reacts to the news and many investors pull back, the loss of bullish momentum becomes evident. This event has caused a decrease in the adoption rate for Notcoin, hitting a near two-month low.

This metric contributes to the overall analysis of the token’s adoption rate, specifically highlighting the contribution of newly formed addresses to the active addresses. At the moment, this rate is at 15.31%, marking the lowest level since the beginning of July. This decline reflects growing uncertainty among investors, particularly new ones who have been spooked by recent developments.

This could prove to be detrimental to Notcoin’s price, especially if it fails to gain traction among new investors and traders in the market.

Notcoin’s (NOT) Downtrend Persists: Key Levels To Watch Out For

Despite several attempts to breach the downtrend that has been present for almost three months, Notcoin’s price has failed in each of its endeavors. Two of these attempts even saw NOT closing above the downtrend line, but it couldn’t sustain the rise.

Trading at $0.0086 at the time of writing, the altcoin lost the support of $0.0094 and is closing in on $0.0076 after falling by over 27% in the last three days. There is a chance that Notcoin’s price could bounce off this support level and reclaim $0.0094 as support. This is because, despite the bearish cues, NOT could see demand from those looking to accumulate at low prices.

However, if the macro downtrend outweighs the demand, Notcoin’s price could drop below $0.0076. This would bring the altcoin closer to the all-time low of $0.0045, and testing this level would invalidate the bullish thesis.

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