Altcoins
NO, WIF faces strong sales: an overview of the main market indicators
- NOT and WIF prices fell last week.
- This is due to an increase in profit-taking activities.
Notcoin [NOT] And dogwifhat [WIF] lost their most recent gains. Both altcoins have seen double-digit price drops over the past seven days.
According to CoinMarketCapNOT’s value fell by 35%, while WIF’s fell by 21%. At press time, NOT was trading at $0.016 and memecoin WIF was trading at $2.62.
NO braces for extra dip
Following its launch on the Toncoin network on May 16, NOT’s value soared to a high of $0.02 on June 2.
However, as profit-taking activity accelerated, the NO bulls were unable to defend this price level, hence the price decline. At its current value, the altcoin price has fallen 20% from its peak.
An assessment of key momentum indicators confirmed the sharp rise in NON sales over the past few days.
For example, its Relative Strength Index (RSI) and Money Flow Index (MFI) have been moving toward their respective midlines. At press time, the token’s RSI and MFI were 55.31 and 56.56, confirming the decline in buying pressure.
Additionally, the value of NOT’s Aroon Up line (orange) was 35% at the time of writing. This indicator identifies the strength of an asset’s price trends and potential reversal points.
When an asset’s Aroon Up line is near zero, the uptrend is weak and the most recent high was made a long time ago.
At its current price, NOT is trading near its 20-day exponential moving average (EMA), which tracks the token’s average price over the past 20 days.
When an asset trades near this key moving average, it signals a decline in buying momentum and an indication that bears may soon regain control of the market.
Source: TradingView
WIF sellers take matters into their own hands
When it comes to WIF, its performance has been no different as the bearish bias towards the leading coin remains significant.
For example, its Chaikin Money Flow (CMF) remained below the zero line to return a value of -0.09 at press time.
This indicator measures the flow of money into and out of the WIF market. When its value is negative, it signals an outflow of liquidity from the market, which is a bearish sign and a harbinger of a further fall in prices.
Realistic or not, here is Market capitalization of NOT in terms of SOL
Additionally, WIF’s Directional Movement Index (DMI) readings showed that its positive directional index (green) was below its negative index (red).
Source: TradingView
This means that the bearish force is greater than the bullish force. This is interpreted as a signal that sellers are in control of the market.