- NOT followed TON’s price direction as demand pushed the volume to $1.37 billion
Token seemed overbought, pointing to a possible fall to $0.016 on the charts
As a researcher with experience in the cryptocurrency market, I have closely monitored Notcoin (NOT) and its recent price action. Contrary to the broader market trend where Bitcoin (BTC) and Ethereum (ETH) slid, NOT defied expectations by climbing 7.22% in the last 24 hours. This performance highlights NOT’s minimal correlation with the top two cryptocurrencies.
As an analyst, I’ve observed that Notcoin bucked the trend of the recent “red period” in the cryptocurrency market by experiencing a 7.22% price increase within the last 24 hours. Contrastingly, Bitcoin dipped to $65,103 before regaining some ground above $66,000 according to CoinMarketCap’s data.
As an analyst, I’ve observed that Ethereum [ETH] followed a downward trend and reached a price of $3,381 concurrently with Bitcoin and Binance Coin’s [BNB] dip. This event highlights the minimal correlation between Notcoin’s price action and that of the top two cryptocurrencies.
As of now, the token has not reached a price of $0.020. On the 14th of June, though, it briefly touched $0.022 according to the latest price data I’ve researched.
NOT sentiment bullish, goes with TON
Nevertheless, Notcoin isn’t the only cryptocurrency experiencing growth lately, as Toncoin (TON) has also seen a surge in popularity. Contrary to earlier reports by AMBCrypto, Notcoin didn’t align with TON’s trend several weeks ago.
On the back of the latest price hike, it would seem now that the two have aligned.
As a crypto investor, I’ve been closely monitoring Notcoin from an on-chain perspective. And let me tell you, the sentiment around this cryptocurrency has been exceptionally bullish lately. For instance, according to AMBCrypto’s Weighted Sentiment metric, the reading was a relatively low 0.178 on June 13th. But here’s the kicker: at the present moment, that same metric has soared to an impressive 0.617.
A prominent increase in interest for the short hike suggests that online opinions about NOT were predominantly optimistic, outweighing any pessimistic views expressed regarding the token.
Beyond the price rise and market optimism, Notcoin’s trading volume exceeded one billion dollars for the first time. This represents a significant jump of 131% within the past day.
The level of trading activity, or volume, plays a significant role in determining the price trend of a cryptocurrency. A high trading volume suggests that there is strong demand or interest among investors in the token.
A significant shift in volume, accompanied by a rise in price, indicates strong demand and increasing buying pressure. Conversely, when there’s a large volume increase alongside a decrease in price, it points to growing selling pressure.
Notcoin’s price may go down later
As a crypto investor, I’d rephrase that as: In the past, NOT reached significant volumes of around $4 billion when its price peaked at $0.029 on June 2. However, it’s doubtful that we’ll see such high trading volumes again for NOT.
The RSI, or Relative Strength Index, provided evidence of the pace and fluctuations in price shifts through its calculation. This indicator gauges the magnitude and velocity of such movements.
An RSI (Relative Strength Index) value exceeding 70 for Notcoin signifies that it’s overbought in the market, while a value below 30 implies oversold conditions. In Notcoin’s case, its daily chart RSI stood at 74.27.
In simpler terms, the token had been bought excessively, leading to an possible price correction. Consequently, the token price could start decreasing on the chart, potentially reaching a value of $0.016 within a short timeframe.
If the wider market trends shift, this forecast could be rendered incorrect. Should prices generally rise, it’s likely that [not] would also ascend.
Realistic or not, here’s NOT’s market cap in BTC terms
If this situation arises, the price of the token could potentially rise to $0.022 again. It’s important for investors to keep an eye on any news or updates related to the project, as these events could influence the token’s value further.
Read More
- SQR PREDICTION. SQR cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- DOP PREDICTION. DOP cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- SAGA PREDICTION. SAGA cryptocurrency
- T PREDICTION. T cryptocurrency
- XLM vs. XRP: Which One is Better, Stellar Lumens or Ripple?
- SEILOR PREDICTION. SEILOR cryptocurrency
- Miners ‘punishing’ Bitcoin? Analysts point fingers as BTC slides below $66K
- CELL PREDICTION. CELL cryptocurrency
2024-06-16 03:03