Not coin has experienced a dramatic 34% decline over the past ten days, plunging to a four-month low. This sharp downturn has left many wondering if the cryptocurrency can recover or if it will continue its downward spiral.

The Onset of Decline

The recent bearish trend for Not coin began on August 24 when it fell below a key psychological support level of $0.01. This breach was a significant blow, but the situation worsened the next day when the asset dropped beneath the Fibonacci Pivot support at $0.00986. This move solidified the bearish trend, marking a troubling phase for the cryptocurrency.

The situation was exacerbated on August 26 with news of Telegram founder Pavel Durov’s arrest. This unexpected development caused Notcoin to plummet by 12.47% in a single day—the most significant drop since early August. The arrest added to the negative sentiment surrounding the asset and contributed to its ongoing decline.

Brief Stabilization Followed by Renewed Bearish Sentiment

After the initial fall, Notcoin experienced a brief period of stabilization as prices consolidated. However, the broader cryptocurrency market has faced renewed bearish pressure in September, which has further impacted Notcoin’s performance.

Currently trading at $0.00754, Notcoin’s value has reached its lowest point in four months. This represents a 34% decrease from its August 24 price of $0.01142. Adding to the concern, the asset’s daily Relative Strength Index (RSI) has dropped to 32, indicating that Notcoin is nearing oversold conditions. If the RSI dips below 30, it could signal even more severe oversold conditions, intensifying the asset’s woes.

Can the Bulls Reverse the Trend?

For Notcoin to stage a comeback, it will need to overcome several hurdles. One critical level to watch is $0.00772. If Notcoin can break above this level and sustain it, this could signal the beginning of a consolidation phase or even a potential recovery.

A rebound toward the Pivot level at $0.00986 would be an early sign of recovery efforts. However, achieving this will require strong buying interest and momentum. Bulls would need to reclaim this level decisively and challenge the resistance at $0.01200 to signify a more substantial recovery.

On the other hand, if Notcoin fails to gain traction and continues its downward trend, further losses could be imminent. The next significant support level to watch is $0.00640. A breach below this could lead to deeper declines and exacerbate the current bearish sentiment.

Market Sentiment and Future Prospects

The current market sentiment highlights the critical role of support levels in determining Notcoin’s future direction. The combination of recent negative news and overall bearish sentiment has put Notcoin in a precarious position. Without a significant shift in market dynamics or a surge in buying interest, the cryptocurrency could face continued challenges.

In summary, while there is a glimmer of hope for Not coin, with potential for a reversal if key levels are breached, the current situation remains fraught with uncertainty. The bulls will need to act decisively and push Not coin above critical resistance levels to initiate a recovery. Until then, the cryptocurrency remains at a crossroads, and its future trajectory will largely depend on market sentiment and investor actions.