Hi there LBCzelus,
From what we can tell, you're no longer hearing notification sounds on your Apple Watch, and the volume indicator in the Watch app on your paired iPhone won't move as expected. We're glad you're here, and we can help. To start, you’ll want to be sure your Apple Watch and iPhone are running the latest software versions, watchOS 7.0.3 and iOS 14.1. You can check that in Settings > General > About on both devices. If needed, the support articles below provide step-by-step instructions for updating:
Update your iPhone
Update your Apple Watch
After ensuring both devices are updated, please review the details in our link below to see if you're able to adjust the volume for notifications directly on your Apple Watch:
Change the audio and notification settings on your Apple Watch
We hope this helps. Take care.