The Notcoin cryptocurrency drops by 20% after the Telegram case!

The recent arrest of Telegram’s CEO, Pavel Durov, has shaken the crypto market, leading to a sharp 20% drop in the value of Notcoin.

A Crypto Market Shaken by Pavel Durov’s Arrest

Pavel Durov’s arrest has cast a shadow over the entire crypto market. Within days, Notcoin plunged by 20%, nearing historically low levels.

This sudden drop reflects a loss of investor confidence, exacerbated by a significant decrease in trading activity.

Indeed, according to IntoTheBlock data, the number of active addresses trading Notcoin dropped by 76% in one week.

This massive disengagement indicates a crisis of confidence among traders, who are withdrawing from the crypto market, fearing further losses. The lack of new participants further exacerbates this negative sentiment, making the future of Notcoin increasingly uncertain.

Whales: A Glimmer of Hope?

Despite this gloomy outlook, a group of large investors, often referred to as “whales,” seem to see an opportunity in this crisis.

The net flow of Notcoin among these large holders has surged by 312% in just seven days. This aggressive accumulation suggests that these players are betting on a future rebound, despite the current bearish trend.

However, technical indicators are not encouraging.

The Chaikin Money Flow (CMF), which measures capital flows, is at its lowest level in 30 days. A negative CMF indicates that money is leaving the market, which often heralds further price declines. Additionally, the relative strength index (RSI) is below its neutral mark, confirming that selling pressure exceeds buying interest.

The future of Notcoin is fraught with challenges. If market sentiment does not improve, the crypto could hit new lows. However, a recovery cannot be ruled out if the market regains some confidence. Whales accumulating Notcoin could indicate a potential rebound, but caution remains key. Furthermore, pepe holders threaten its price.