Notcoin (NOT) is showing signs of recovery after a 28% drop over the past month. The cryptocurrency is trading at $0.0084 today, suggesting that the market might be finding some stability.Â
Will Notcoin Maintain Its Momentum?Â
Notcoin has been on a rollercoaster over the past three months. It reached an all-time high of $0.028 after a viral tap-to-earn mining project on Telegram distributed a large number of tokens to users. However, since then, its price has plummeted by 70%, largely due to heavy profit-taking and controversies involving Telegram’s CEO, Pavel Durov.Â
Despite these challenges, sentiment around Notcoin is improving. Data from Santiment shows that the Weighted Sentiment for Notcoin has moved from -0.66 to -0.21 since September 1. This shift suggests a decrease in negative sentiment and a growing number of positive mentions. If sentiment turns positive, it could drive more demand for the token.Â
Patience of Notcoin Holders Pays OffÂ
Notcoin holders have shown remarkable patience during the recent downturn. According to IntoTheBlock data, the average holding time for Notcoin has jumped by 247% over the last week. This increase means holders are holding onto their tokens for longer, likely waiting for a price rebound.Â
Holding time is a key indicator in the crypto market. Shorter holding times usually mean more selling activity, which can push prices down. Conversely, longer holding times, as seen with Notcoin, suggest confidence in a future price increase.Â
Crucial Support Level for Notcoin’s Price PathÂ
On the daily chart, Notcoin seems to be breaking free from its downward trend, hovering around the $0.0084 support level. This same level was the launchpad for a rally to $0.028 in June. While there’s no guarantee of a repeat, this level remains crucial.Â
Recent efforts to reach $0.014 have fallen short, hinting that this might be a tough barrier to break. If the bulls can defend the $0.0084 support level, Notcoin could aim for $0.0095 and potentially $0.010 next.Â
However, if Notcoin fails to hold above this key support, it could see its price drop to $0.0077. The coming days will be critical for Notcoin as it seeks to regain ground in a recovering market.Â
