Is It Too Late To Buy NOT: Notcoin Price Surges 84% In A Week Amid Bullish Market Sentiment
The Notcoin price has surged 4% in the last 24 hours to trade at $0.02189 as of 11:35 a.m. EST, but it is still up more than 84%.
This week, NOT is the fifth-most traded crypto, beating the trading volume of Circle’s USDC stablecoin. In under two months, Notcoin, the play-to-earn game and token integrated with a Telegram Mini App, has pulled in over 30 million users on Telegram. This introduction has brought a fresh influx of everyday users into cryptocurrency.
📈 @thenotcoin became the 5-most traded crypto this week, beating the trading volume of Circle’s USDC stablecoin.
🎢 #Notcoin’s price rallied over 323% during the past week, reaching a new all-time high of $0.02896 on June 2, according to @TradingView data.
In less than two… pic.twitter.com/OUATRELUoP
— Twap.fi (@TwapFi) June 6, 2024
Notcoin (NOT) made a sensational debut by distributing 80 billion tokens through a massive airdrop, drawing significant attention with a trading volume of $20 million in the first hour after launch. This remarkable achievement stems from a meticulously planned strategy that has engaged over 35 million crypto users since integrating into Telegram’s messaging app.
Related: Notcoin Soars Over 50% in 24 Hours After Strategic Partnership with Binance
Notcoin Price Faces Rejection Forming The Falling Wedge Pattern
In the past day, the Notcoin price pushed to break out of the consolidation channel spanning from $0.01964 to $0.02474. Unfortunately, the bears swiftly intervened, thwarting the breakout attempt. Consequently, NOT is still stuck trading sideways within the channel.
Sellers continue to put pressure on the Bitcoin price, which is currently holding steady around the $0.01964 support level. If the price breaks below this point, it could open the door for further declines.
NOTUSDT Source: Tradingview
Notcoin has been on a downward slide since reaching its all-time high, with the bears driving the price down. Despite this drop, the bulls are showing resilience, preventing further bearish gains and establishing a strong support level. If the bulls can maintain their upward momentum from this support zone, they might be able to push the price back up to the $0.01 all-time high and recover their losses.
On the other hand, NOT maintaining a position above $0.01964 could invalidate the bearish thesis. In this alternative scenario, bulls might start to accumulate the crypto.
With this potential buy volume, the Notcoin price might attempt another challenge at the $0.02474 barrier. A 4-hour candle close above this threshold could then give NOT the technical foundation needed to continue climbing in the following couple of days.
Technical indicators on NOT’s 4-hour chart suggest a potential rebound in the next 24 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are showing bullish signs.
However, the MACD line crossed below the MACD Signal line in the past day, which traders often interpret as the start of a negative cycle for the crypto. This break below the Signal line indicates growing bearish momentum.
At the same time, the RSI has been steadily declining over the last day. Although it’s still above 50, signaling a bullish stance, the gradual drop suggests that buying pressure is weakening. If the RSI continues to fall, bears might gain the upper hand and potentially drive Notcoin’s price down.
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Charles Kibue
Charles Kibue is a cryptocurrency researcher and writer with published works on Crypto2Community and a range of other sites. He has also worked as a technical writer, researching NFTs and crypto projects. Charles is an English Literature graduate residing in Kenya. He possesses additional expertise in market analysis and offers accurate and reliable insights, staying up-to-date with the latest developments in the crypto industry. Beyond his professional pursuits, Charles enjoys hiking and horse riding in his leisure time.
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