Notcoin's price increased by nearly 36% in the last 24 hours as sudden bullish speculation lifted the Telegram-based token significantly higher.
However, the rise did not translate into sustained momentum. Instead, it triggered the heaviest selling in six months.
Notcoin is pulling away from Bitcoin
The correlation between Notcoin and Bitcoin has weakened significantly, falling to 0.43. This rapid decline shows that NOT no longer closely follows Bitcoin's price movements. Such a separation could be beneficial if BTC continues its volatility or prepares for further declines, as NOT may avoid direct downward pressure.
But it also introduces new risks. A strong resumption of Bitcoin could pull liquidity away from less speculative assets, potentially dragging NOT lower, even if the internal sentiment remains neutral.
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The Chaikin Money Flow indicator shows a sharp decline over the last 24 hours, confirming heavy outflows. The indicator has moved deeper into negative territory, signaling that investors quickly closed their positions after the rise. Many likely sold to take profits or reduce exposure, thus contributing to the steep pullback.
This sales pressure undermines the bullish momentum that originally drove NOT's rise. Persistent outflows at this pace can limit upward attempts in the short term. Notcoin will need renewed accumulation and stability in the broader market to counteract the effect.
NOT price reached $0.000750 at today's highest level before it fell to $0.000615 at the time of writing. This rapid correction reflects the cooling sentiment and aligns with the outflow signals seen in the market indicators.
If Bitcoin starts to experience a rise, NOT may struggle. A resumption of BTC often leads liquidity away from larger, less volatile assets, which could push NOT below its $0.000609 support. Losing this level would expose the token to a decline towards $0.000552.
Conversely, if Bitcoin falls again and NOT investors regain confidence, the altcoin may find support at $0.000609. A successful rebound from this level could lift the price towards $0.000723, offering a chance to invalidate the bearish outlook.
