The recent arrest of Telegram CEO Pavel Durov has rocked the crypto market, leading to a sharp 20% drop in the value of Notcoin.
Crypto Market Shaken by Pavel Durov's Arrest
The arrest of Pavel Durov cast a shadow over the entire crypto market. In a matter of days, Notcoin plunged by 20%, reaching historically low levels.
This sudden drop reflects a loss of investor confidence, compounded by a significant decrease in trading activity.
In fact, according to data from IntoTheBlock, the number of active addresses trading Notcoin has dropped by 76% in one week.
This massive disengagement reflects a crisis of confidence among traders, who are withdrawing from the crypto market, fearing further losses. The lack of new participants further accentuates this negative sentiment, making the future of Notcoin increasingly uncertain.
Whales: A ray of hope?
Despite this gloomy climate, a group of large investors, often called “whales”, seem to see an opportunity in this crisis.
Notcoin’s net flow among these large holders has surged 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 a 30-day low. A negative CMF indicates that money is leaving the market, which often portends further price declines. Additionally, the Relative Strength Index (RSI) is below its neutral mark, confirming that selling pressure is outweighing buying interest.
The future of Notcoin is fraught with obstacles. If market sentiment does not improve, the crypto could reach new lows. However, a recovery cannot be ruled out if the market regains some confidence. Whales accumulating Notcoins could indicate a potential rebound, but caution is still advised. Furthermore, pepe holders are driving its price.
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