As an experienced analyst, I find Notcoin’s (NOT) explosive growth in the last 24 hours to be quite intriguing. With a staggering 40% price surge and daily trading volumes surging by an astounding 450% to over $1 billion, NOT has defied the broader market correction, offering a fresh breath of optimism to investors after a week of inactivity.
In contrast to the wider market’s downturn, Notcoin (NOT), traded on Telegram, experienced an impressive 40% increase within the last 24 hours. Concurrently, its daily trading volumes significantly escalated by approximately 450%, reaching over $1 billion. This uptick offers a welcome relief to investors following a lethargic week. Presently, Notcoin (NOT) is priced at $0.007899 and boasts a market capitalization of $811 million.
The Explosive Growth for Notcoin
The striking expansion of NOT has aligned with the rising fame of Notcoin, an engaging Web3 game found on Telegram. In this platform, participants can swap their earned in-game money for NOT tokens, generating substantial attraction among Telegram’s expansive community.
As an analyst, I’ve observed a significant bounce back in the coin’s price after the much-anticipated airdrop event. Regrettably, the initial impact of the airdrop did not translate into instant profits for coin holders.
Famous cryptocurrency analyst Zen predicts a positive outlook for NOT in the near future. “The long term is uncertain and subject to market conditions, but it’s likely to be bullish as well. Price dips present opportunities for purchasing,” the trader explained.
As a crypto investor in $NOT coin, I can say that the sell-off following the launch caused a gap in the price chart. The resistance area for this coin is where that gap lies. If we manage to close above this resistance level, it’s likely that we will see an attack at the point of control (POC) which is 0.0068. However, if we fail to do so, there’s a risk that we might pull back and retest the breakout level beneath 0.006.
Mid term bullish. Long term depends on the market, but…
— Zen (@WiseAnalyze) May 27, 2024
Following the airdrop event, there was a significant increase in positive public perception towards Notcoin. The cryptocurrency’s recent price rise has brought renewed attention to the project. Notably, its developers have made comparisons between Notcoin and Bitcoin, signaling this development with the unveiling of NOT Airdrop Phase 1. In a recent Twitter survey involving 29,711 participants, an impressive 86.2% voted for Notcoin, while Bitcoin received only 13.8% of the votes.
Limited supply
Wide distribution
Still cheap— Notcoin Ø (@thenotcoin) May 25, 2024
NOT Open Interest Shoots
As a researcher studying the futures market, I’ve noticed an intriguing development over the past 24 hours. The Open Interest has significantly risen from $44 million to an impressive $101 million. Simultaneously, the price of the underlying asset experienced a substantial increase exceeding 40%. This correlation suggests a surge in bullish sentiment among traders, as they have been actively taking on long positions.
The surge in prices has triggered a large number of short sellers to exit their positions, resulting in over $4.4 million in short liquidations within the past 24 hours, as evidenced by Coinalyze’s data.
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2024-05-28 11:02