Notcoin Approaches All-Time Low Amid Decline In Buying Activity

According to BlockBeats, since the arrest of Telegram CEO Pavel Durov on August 24, the price of Notcoin (NOT) has been on a downward trajectory. As of the latest reports, the altcoin is trading at $0.0088, marking a 20% decline in value. With increasing selling pressure, NOT is at risk of falling to its all-time low of $0.0046, recorded on May 24. The recent price volatility has led to a significant decrease in the number of active addresses trading the coin over the past week. Data from IntoTheBlock reveals a 76% drop in addresses completing at least one NOT transaction during this period. Similarly, demand for the altcoin has weakened. On-chain data providers report a 77% decline in new addresses used for trading NOT over the past week. When the daily active addresses and new addresses for an asset decrease, it indicates waning interest and reduced participation, reflecting a bearish market sentiment. Interestingly, despite this decline, NOT whales have seized the opportunity to increase their accumulation. Over the past seven days, the net inflow of tokens to large holders has surged by 312%. This metric reached a three-month high of 15.33 billion NOT on August 24, following the news of Durov's arrest, which triggered a price drop for the Telegram-based asset. Large holders, defined as addresses holding more than 0.1% of the asset's circulating supply, have shown increased net inflow, suggesting that whale addresses are accumulating more assets, thereby boosting their overall holdings. Technical indicators for NOT suggest that the token's value may decline further. The Chaikin Money Flow (CMF) remains in a downtrend, hitting a 30-day low of -0.22. The CMF measures the volume of money flowing in and out of an asset, with values below zero indicating market weakness and potential for further price decline. Additionally, the token's Relative Strength Index (RSI) is currently below the neutral 50 mark, standing at 35.50. This indicates that selling pressure outweighs buying activity, reinforcing a bearish outlook. If the selling continues, NOT's value could drop to its historical low and potentially further to around $0.00031. Conversely, if market sentiment shifts and demand for NOT surges, its price could rebound to $0.013.