Notcoin (NOT) is teetering on the edge of a significant price drop, with crypto trader JoeChampion predicting a potential 25% decline. According to his analysis on TradingView, Notcoin is entrenched in a downward trend and currently undergoing a correction phase. The trader has identified a critical resistance level at $0.0172, aligning with a descending trend line, which could halt the ongoing pullback. JoeChampion notes, “We are monitoring NOTUSDT for a selling opportunity around the $0.017200 zone.” As Notcoin approaches this pivotal point, traders and investors should brace for possible further downside risks, potentially driving the price down to $0.012.

Technical Analysis and Resistance Levels

JoeChampion's analysis reveals that Notcoin is currently in a bearish phase, characterized by a downward trend and a correction phase. The trader has pinpointed a significant resistance level around $0.0172, which coincides with a descending trend line. This technical confluence suggests that the ongoing pullback could be halted at this critical juncture.

JoeChampion states, “We are monitoring NOTUSDT for a selling opportunity around the $0.017200 zone.” He further adds, “NOTUSDT is trading in a downtrend and currently is in a correction phase in which it is approaching the trend at the $0.017200 support and resistance area.”

Potential for a Further 25% Decline

The chart provided by JoeChampion indicates that if the price fails to break above the $0.017 resistance level, Notcoin could experience a continued downtrend, suggesting a 25% decline to around $0.012. JoeChampion’s chart reveals a clear overall downtrend for Notcoin. The current retracement is seen as a temporary move against the primary trend, with the $0.017 level acting as both a resistance and a point of interest for potential selling opportunities.

The trader notes, “Decent consolidation towards the trend, will be watching the price action shortly.” This statement indicates that JoeChampion is closely monitoring the price action near the identified resistance level for confirmation of the bearish scenario.

Caution Advised for Traders

While the analysis presents a compelling case for potential selling opportunities, JoeChampion emphasizes the importance of risk management. He concludes his analysis with a reminder to “Trade safe,” highlighting the volatile nature of cryptocurrency markets and the need for cautious trading practices.

As Notcoin approaches a critical resistance level, traders and investors should remain vigilant. The confluence of technical factors, including the descending trendline and the $0.017200 resistance zone, suggests that NOTUSDT could be at a turning point. If the bearish scenario plays out as JoeChampion anticipates, Notcoin may face further downside risks, with a potential 25% drop to $0.012 on the horizon.

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Conclusion

As Notcoin (NOT) faces further downside risks, traders and investors should exercise caution and closely monitor the critical resistance level at $0.0172. The potential for a 25% decline to $0.012 looms large if the price fails to break above this resistance. JoeChampion's analysis underscores the importance of risk management and cautious trading practices in the volatile cryptocurrency market.

Stay informed and make well-considered decisions as Notcoin navigates this challenging phase.