Market indicators show sharp sell-offs impacting NOT, WIF face

  • Guess what? NOT and WIF prices took a dip last week!
  • It’s all because profit-taking is on the rise.

Rumor has it that Notcoin [NOT] and dogwifhat [WIF] have lost some of their recent gains. These two altcoins saw their prices plummet by double digits over the past seven days. 

According to CoinMarketCap, NOT’s value plunged by 35%, while WIF’s price fell by 21%. At the latest update, NOT was going for $0.016, and WIF was priced at $2.62.

NOT Ready for a Dive

After its big launch on the Toncoin network on May 16, NOT managed to reach a high of $0.02 on June 2. 

Unfortunately, the party didn’t last long as profit-takers swooped in, pushing NOT’s price down. Currently, the altcoin’s value has fallen by 20% from its peak.

Various momentum indicators have confirmed the recent increase in NOT sell-offs. 

For instance, the Relative Strength Index (RSI) and Money Flow Index (MFI) are not looking too hot lately. As of now, the token’s RSI and MFI stand at 55.31 and 56.56 respectively, showing a decrease in buying pressure. 

Additionally, NOT’s Aroon Up Line (orange) is currently at 35%, signaling potential changes in price trends and reversals.

In terms of pricing, NOT is hovering around its 20-day exponential moving average (EMA), hinting at a decrease in buying activity and a possible return of bearish dominance.

Source: TradingView

WIF in Bearish Territory

What about WIF? The famous meme coin is facing a similar fate with a strong bearish sentiment prevailing in the market

The Chaikin Money Flow (CMF) for WIF sits below zero, clocking in at -0.09 at present. 

This indicates a money outflow from the WIF market, hinting at a bearish trend and a possible drop in price.

Forget the predictions, let’s see NOT’s market cap in SOL terms

Looking at WIF’s Directional Movement Index (DMI), the positive directional index (green) is playing catch up with the negative index (red). 

WIF 1-Day Chart

Source: TradingView

The current balance of power shows that the bears are in control, outnumbering the bulls. It seems like the sellers are dictating the market direction.

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