NOT rallies 28% in 24 hours despite market-wide downturn
In only one day, Notcoin (NOT) has seen an incredible 28.6% increase in value, highlighting its potential and making investors wary but interested. MePost will delve further into this subject in this piece.
The rise in Notcoin prices coincides with a fall in the larger cryptocurrency market, which highlights Notcoin’s exceptional performance. Notcoin news has drawn the interest of traders and analysts alike as popular cryptocurrencies like Bitcoin (BTC) battle to hold their ground above critical support levels while altcoins like Pepe (PEPE) and Shiba Inu (SHIB) suffer sharp price erosion.
Undoubtedly, the explosive growth of Notcoin has attracted the attention of cryptocurrency aficionados, leading many of them to wonder what factors contributed to its success. Leading on-chain analytics platform Santiment’s data shows that the asset is now in an overbought situation, with the NOT Relative Strength Index (RSI) around 83.
Even though an overbought situation might be concerning because it may indicate that wealthy investors, or “whales,” may manipulate prices, Notcoin’s tenacity indicates that its surge might be more permanent.
However, experts predict that in order for the NOT coin price to continue rising, its RSI must drop below 50, which normally denotes a stable market environment.
Notcoin’s recent success may be attributed to its team’s May 16th airdrop of an astounding 80 billion tokens to celebrate the project’s debut.
Despite this setback, Notcoin managed to get listings on well-known cryptocurrency exchanges, including MEXC, Bybit, and Binance. This action gave the nascent asset much-needed liquidity, but it also made it easier for airdrop recipients to sell their holdings, which put additional downward pressure on the price of notcoin.
For more than seven days, the bears held sway over the market, pushing the price down to a low of $0.004583 on May 24. But this low turned out to be a pivotal moment since it was the beginning of Notcoin’s incredible comeback.
The Notcoin crypto asset experienced an incredible 58% increase on May 28th, retesting the $0.01 price range after an overwhelming majority of supporters favored Notcoin over Bitcoin (BTC), the leading cryptocurrency in the market.
Investors’ attention has certainly been drawn to the recent increase in Notcoin price predictions, but it’s important to keep in mind the larger market backdrop in which this event is taking place.
However, before making any investing selections, care must be taken and careful study must be done. The cryptocurrency market is infamous for its unpredictability; even the most promising investments are susceptible to abrupt changes in value and mood among investors.
What is Notcoin?
Notcoin, for those who are not familiar with it, is a cryptocurrency that runs on its own blockchain network and is decentralized. The project’s capacity to attract attention and accumulate a sizeable market capitalization in such a short period of time has definitely sparked the curiosity of the crypto world, even though details regarding its underlying technology and application cases are still scant.
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
About The Author
He's a seasoned writer known for crafting compelling narratives that engage audiences and drive brand growth. With a keen eye for detail and a passion for storytelling, Kenth excels at turning complex ideas into eye-catching marketing messages.
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He's a seasoned writer known for crafting compelling narratives that engage audiences and drive brand growth. With a keen eye for detail and a passion for storytelling, Kenth excels at turning complex ideas into eye-catching marketing messages.
