- Notcoin token surged more than 55% in just 24 hours, with a 118% spike in open interest.
According to technical analysis, NOT could surge 35% more if it shows a strong daily candle closing above $0.017.
As a seasoned crypto investor with several years of experience under my belt, I find the recent price surge of Notcoin (NOT) quite intriguing. After going through the news and technical analysis, I believe that NOT’s potential for growth is substantial, given its continuous development and user engagement.
Following a significant drop in cryptocurrency values over the past few days, the market as a whole seems to be bouncing back.
During the current market rebound, Notcoin, which is associated with Telegram, has experienced significant interest from investors and traders. This interest has resulted in a substantial price increase of over 55% within a day, raising its value from $0.010 to $0.016.
Reasons behind the NOT price surge
One possible explanation for this significant price increase might be due to the ongoing advancements and high level of user involvement on the platform.
As an analyst, I’d like to highlight that in addition to the significant development we’ve witnessed recently, Notcoin Explore is set to transition into a public platform open to all Web 3 projects globally.
Furthermore, Notcoin revealed that it had incinerated approximately $3 million worth of NOT tokens and intended to reward Gold and Platinum members with a total of $4.2 million in tokens.
The significant 55% increase in Notcoin’s price could be attributable to the frequent updates and unwavering user support it receives.
Notcoin technical analysis and key levels
As an analyst, I’ve been closely monitoring the technical trends of NOT. Based on my expertise, NOT appeared bullish and was approaching a significant resistance point at $0.016. Since June 19th, NOT has made several attempts to surpass this level, but each attempt has come up short.
However, the recent massive surge may cause it to breach this resistance level.
As a researcher studying the cryptocurrency market, I’ve observed that if the NOT token fails to close above $0.017 on a daily time frame, there’s a strong possibility of an impending price surge of at least 35%, and potentially more, in the upcoming days.
The substantial increase of over 118% in the 24-hour open interest for NOT token signifies robust trading activity and investor confidence.
Will NOT sustain this recent gain?
Another point to consider is the potential longevity of the price increase if “NOT” tokens continue to experience high user engagement and ongoing development. If these factors persist, it’s likely that the price surge will endure.
Based on data from cryptocurrency analysis firm CoinGlass, short sellers have been forced to cover their positions worth approximately $4.72 million over the past day due to current market conditions.
During the same timeframe, approximately $2.23 million worth of long positions held by bulls in Notcoin (NOT) have been closed. This significant increase in short positions suggests that bulls have returned to the market with a bearish stance.
Realistic or not, here’s NOT’s market cap in BTC’s terms
At present, NOT was hovering around $0.016, but within the last 24 hours, there had been a substantial 55% increase in its price. The trading volume during this timeframe also saw a significant jump of over 330%. This noteworthy surge indicates heightened interest from both traders and investors in the NOT token.
Over the past week, amidst market volatility, NOT managed to post a gain of 11%. If we examine its historical performance, this may be a noteworthy figure.
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2024-07-08 13:11