Why did the price of Notcoin ($NOT) drop after launch?

The price fell nearly 55% due to high initial selling pressure after the airdrop, which is common when early holders take quick profits.

Is Notcoin ($NOT) likely to recover from its recent drop?

According to analysis, strong support has formed. If bullish momentum returns, $NOT may attempt to retest the $0.0100 resistance zone.

Notcoin Plummet 50%: Is the Coin Drop a Golden Opportunity?

Ronny Mugendi

May 17, 2024

Gaming tokens lagged in 2024, unlike AI and meme categories

#Notcoin, a popular crypto clicker game, introduced its own cryptocurrency ($NOT) on the TON blockchain.
Just hours after its airdrop debut on May 16, Notcoin began trading at $0.0100, boasting a fully diluted volume (FDV) of $1 billion.
Shortly after launch, NOT experienced a significant decline, plummeting nearly 55% in value.
After the decline, the price of $NOT stabilized within a rangebound zone.
Despite the initial setback, bullish investors remained steadfast, preventing further declines and establishing a strong support level.
According to Coingabbar analysis, The support zone presents an opportunity for a potential bullish resurgence, aiming to push prices back up towards the $0.0100 mark and recover losses.

KEY LEVELS :

RESISTANCE LEVEL : $0.008300-$0.015000

SUPPORT LEVEL : $0.006200-$0.003000

Notcoin ($NOT), launched on the TON blockchain, saw an early surge as it debuted at $0.0100 with a $1 billion FDV following its May 16 airdrop. However, the momentum quickly faded, and the token dropped nearly 55% before stabilizing in a tight consolidation range. Despite the sharp correction, buyers defended key support levels, preventing deeper losses. Coingabbar analysis suggests that this support zone could trigger a potential bullish rebound toward the $0.0100 level. If momentum builds, NOT may retest major resistance ahead.

Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.

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About the Author Ronny Mugendi

Technical Analyst at coingabbar.com

Ronny Mugendi is an experienced crypto journalist with four years of professional expertise, having made substantial contributions to multiple media platforms covering cryptocurrency trends and innovations. With more than 4,000 published articles to his name, he is dedicated to informing, educating, and bringing more people into the world of Blockchain and DeFi. Beyond his journalism work, Ronny finds excitement in bike riding, enjoying the adventure of exploring fresh trails and landscapes.