As an analyst with a background in cryptocurrency research and market analysis, I find Notcoin’s (NOT) recent price rally to be an intriguing development within the broader crypto industry. The token’s impressive gains, illustrated by over 30% increases in its monthly chart, have piqued my interest and warrant further exploration.
As a researcher studying the cryptocurrency market, I’ve noticed a significant surge in interest surrounding Notcoin (NOT), which runs on the TON blockchain. This intriguing token has experienced a remarkable price increase of over 30% in just one month. The cause for this bull run can be attributed to several favorable factors. Let me delve deeper into these elements and provide you with an comprehensive analysis.
5 Reasons Behind Notcoin (NOT) Price Rally
Binance & Coinbase Extend Support
Significantly, Binance and Coinbase, two of the most prominent cryptocurrency exchanges globally, have declared their commitment to Notcoin. They plan to enhance their backing by introducing new trading pair options for the token on their respective platforms.
Binance broadened its trading options with the introduction of the new NOT/BRL pair, allowing users more access to Brazil Real (BRL). Additionally, Coinbase International Exchange announced intentions to launch Notcoin perpetual futures (NOT-PERP) as of June 2020.
NOT Futures Open Interest Spikes
Data from Coinglass reveals a notable increase in Open Interest for NOT Futures, reaching a high of $247.06 million as of today. This surge signifies a substantial influx of funds and heightened investor enthusiasm for this asset, coinciding with the recent price surge.
Market Technicals Show Bullish Presence
At the same time, the market’s technical analysis and indicators signaled a robust buying trend for Notcoin. The Relative Strength Index (RSI), a prominent indicator reflecting market sentiment, stood at 61, indicating the presence of considerable upward momentum for Notcoin.
An increase in purchasing could potentially push the token’s price upwards, but the Relative Strength Index (RSI) hasn’t yet signaled an overbought condition. Therefore, a price rebound is possible once this threshold is surpassed. However, the overall market sentiment continues to be bullish.
Notcoin Gains Popularity
Additionally, Notcoin reached a notable achievement with over 40 million active users. In parallel, there has been a surge in popularity for “Tap-to-Earn” games on Telegram. Crypto market observers anticipate price growth for Notcoin as a result of this expanding user base and heightened project adoption.
As a blockchain analyst, I’ve noticed an intriguing development in the cryptocurrency landscape. The TON blockchain, powered by Telegram’s impressive user base of over 900 million people, has recently seen its active addresses outnumber those on Ethereum‘s network.
NOT Mimics Broader Trend
As a researcher studying the TON blockchain, I’ve observed an intriguing development: While TON’s native token, NOT, has been following a similar uptrend, it has seen more significant growth. Specifically, over the past month, NOT surged by approximately 36%, whereas TON itself experienced around 15% increase. This price surge aligns with the increasing adoption of Telegram, as previously discussed.
During this time, the price of it hadn’t reached $0.0198, instead fluctuating between $0.01892 (the lowest point) and $0.02146 (the highest point).
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2024-06-15 16:30