Notcoin Price at Risk: Indicators Suggest Further Downside
The recent performance of the Notcoin price on the 4-hour chart highlights a bearish trend. Closing prices have seen a consistent decline from $0.014756 to $0.013661, reflecting a downturn in market sentiment. This trend is confirmed by the exponential moving averages (EMAs) and the Moving Average Convergence Divergence (MACD) indicator, which both suggest a bearish outlook.
Notcoin Price Technical Overview
The 9 EMA has consistently stayed below the 20 EMA, indicating a short-term bearish trend. The gap between the two EMAs has been widening, which further underscores the bearish momentum. Specifically, the 9 EMA declined from $0.014974 to $0.014299, while the 20 EMA fell from $0.015087 to $0.014688. This divergence suggests that the downtrend might continue in the near term.
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The MACD indicator provides additional bearish signals. Recently, the MACD line is below the signal line, and the histogram has shifted from positive to negative, reinforcing the bearish sentiment. MACD values have deteriorated from -0.000269 to -0.000457, while the signal line has moved from -0.000391 to -0.000389, with the histogram flipping from positive to negative territory. This transition indicates increasing bearish momentum and potential further downside.
The Relative Strength Index (RSI) also supports the bearish outlook, with values consistently below 50. The RSI values have ranged from 42.35 to 34.24, indicating that the asset is neither overbought nor oversold but is leaning towards oversold territory. An RSI below 30 would typically signal an oversold condition, but the current levels suggest continued bearish pressure.
In terms of price levels, immediate resistance is observed at $0.014899. If the Notcoin price manages to break above this level, it could aim for the next resistance at $0.01537 and potentially $0.01596. However, given the current bearish indicators, this scenario seems less likely in the short term.
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On the downside, the support levels to watch are at $0.013341, $0.011665, $0.00887, and $0.005454. The closest support at $0.013341 might provide some temporary relief, but a breach below this level could accelerate the decline towards $0.011665 and further down to $0.00887.
Potential Trade Approaches
For traders considering potential entry and exit points, a short trade might be favorable given the bearish trend. Entry points could be considered at resistance levels ($0.014899 or $0.01537). Exit points can then be set at the support levels ($0.013341 or $0.011665). Conversely, for long positions, it would be prudent to wait for a confirmed reversal signal, such as a bullish crossover in the MACD or a significant improvement in the RSI above 50, before entering the market. Exit points for long trades could be set at the resistance levels mentioned earlier.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
