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The Notcoin price nosedived 9% in the last 24 hours to trade at $0.002005 as of 6:54 a.m. EST as investors violently dump their holdings in the crypto on the market.
Despite the steep drop by the NOT price, the altcoin is still No. 1 on CoinGecko’s trending list.
Notcoin Price Rejected By Resistance And Now Clings To Support
Daily chart for NOT/USD (Source: GeckoTerminal)
The Notcoin price was rejected by a resistance level at $0.002432 earlier this week, according to data from GeckoTerminal. This triggered a multi-day negative sequence, which has pushed the altcoin down to the support level at $0.001840. Should NOT break below this technical safety net, it could be at risk of plummeting all the way down to $0.001615.
However, buyers could start to identify the current Notcoin price as a buy opportunity. In this more optimistic scenario, the crypto might try to challenge the aforementioned $0.002432 resistance again. A successful break above the barrier could clear a path to the next major mark at $0.002967.
Technicals Warn Bears Might Force The Notcoin Price Futher Down
From a technical point of view, indicators on the daily chart warn the Notcoin price drop may not be over yet. More specifically, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are currently flashing bearish.
In the last few days, the MACD line was rejected by the MACD Signal line when it tried to cross above the momentum indicator. This was around the same time the Notcoin price was rejected by the $0.002432 resistance.
Since then, the MACD line has started to collapse under the MACD Signal line, which could be seen as an indication that NOT’s bearish momentum is picking up steam.
Meanwhile, there has also been a substantial drop in buyer strength in the past few days. This is evident by the decrease in RSI readings during this period, which saw the indicator fall from 50 to the high 30s.
The latest RSI reading warns there is still room for NOT to drop before it enters oversold territory, while the downward slope of the RSI line suggests bears intend to sell more.
As the Notcoin price tries to hang on to support amid a bearish onslaught, investors are piling into the presale for Solaxy (SOLX) before it ends in just 3 days. According to influential YouTube channel 99Bitcoins, which has over 723K subscribers, SOLX could soar 100X after its launch.
Solana About To Get Its Biggest Upgrade To Date
Solaxy is the first layer-2 scaling solution for the booming SOL ecosystem. While Solana was initially launched as a more cost-effective and quicker alternative to Ethereum, and still is, it tends to lag during peak traffic times. This has resulted in delayed and oftentimes failed transactions.
Solaxy aims to address that issue by bundling transactions off of the mainnet before submitting them to the layer-1 backend for final validation. This approach to processing transactions is already being used by Abitrum and Optimism within the Ethereum ecosystem, and is much more efficient than the legacy one-by-one method.
Not only will Solaxy scale Solana, it will also bridge the network with Ethereum. This connection will give developers a way to simultaneously tap into the strengths of two of the most prominent blockchains in the Web3 space.
Solaxy’s team has proven to be more than just talk when it comes to product delivery. So far, the team has deployed their testnet, the testnet’s block explorer, the Solaxy bridge on the testnet, and a native no-code token launchpad, all while SOLX is still in presale.
In addition to that, the team has also recently announced a partnership with Hyperlane to enhance their bridging technology.
With the product launches and Hyperlane partnership, the Solaxy team is well on track to deploy the Solaxy mainnet and achieve a throughput of 10,000 transactions per second.
Solaxy Presale Will End In Only 3 Days – Last Chance To Buy
Solaxy has posted one of the strongest presale showings of the year after raising more than $48.8 million so far. This is after whales swooped in, and the ICO’s raise jumped $800K in just 24 hours recently. With just 3 days left until the presale ends, investors are scrambling to get in.
Interested investors can buy SOLX for $0.001756 apiece via the widget on the project’s website using either crypto or bank card. Once purchased, the tokens can also be staked for an 84% annual return.
Anyone looking to buy will want to do so before the presale ends in 3 days. The team has already burned 35 billion SOLX tokens worth more than $62 million, a move that will put upward pressure on the price after launch.
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