As a crypto investor with some experience under my belt, I’ve seen my fair share of market volatility and uncertainty. However, amidst the quiet weeks for Bitcoin and Ethereum, Notcoin (NOT) managed to grab my attention with its strong rebound.
As a crypto market analyst, I’ve observed that the second week of June brought relatively low volatility. Investors faced pump-and-dump activities following the U.S. Consumer Price Index (CPI) data release. However, most major cryptocurrencies, including those influencing Bitcoin and Ethereum, failed to demonstrate significant bullish momentum. Instead, they continued their sideways trend. Amidst this market uncertainty, Notcoin (NOT), a Telegram-based clicker game token, made noteworthy strides, pushing its value above $0.02 on Friday.
Notcoin Rebounds Strongly with 40M Users Milestone and New Trading Pairs
As a researcher studying the cryptocurrency market, I’ve observed that the Notcoin reached its peak at $0.028 on June 2nd. However, following this achievement, the Notcoin underwent a correction in tandem with the broader market consolidation. The Bitcoin price, which was experiencing resistance at $71,000, contributed to the downward trend for Notcoin. Consequently, the NOT price dropped significantly by approximately 49% and reached a low of $0.0149.
As a researcher studying the cryptocurrency market, I’ve noticed that despite Notcoin experiencing a significant pullback, it still managed to reach an impressive milestone last Sunday. Specifically, the number of activated users surpassed 40 million. It’s important to highlight that this figure isn’t inflated, as is common in web analytics. Instead, it represents genuine user engagement and growth within Notcoin’s community.
Quick recap
Notcoin has 40M users total
The following are users who have been actively engaged based on our database records, contrary to the inflated user numbers of approximately 500 million from web analytics tools that count individual users multiple times based on their sessions.
— Notcoin Ø (@thenotcoin) June 9, 2024
As a researcher observing the NOT price movements, I noted that it found a local bottom at $0.0149 in conjunction with the support provided by the 50% Fibonacci retracement level. During this healthy correction, the NOT price displayed the emergence of a bullish continuation pattern known as a flag.
In theory, the pattern often emerges during significant bull markets, empowering buyers to rebuild their momentum and drive prices upwards towards greater expansion. On June 12th, the NOT price experienced a bullish breakout from this pattern’s resistance trendline, indicating a continuation of the prevailing upward trend.
Although Bitcoin and Ethereum, the top digital currencies, could not maintain their upward trend following Post-Consumer Price Index (CPI) data, Notcoin displayed remarkable strength. Furthermore, Binance introduced new trading pairs for Notcoin, providing additional backing.
As an analyst, I’ve observed a significant surge in the value of this asset following its breakout. The asset has experienced a noteworthy increase of 18.85% and now trades at a price of $0.02. Additionally, the market capitalization of this asset has swelled to an impressive $2.06 Billion.
With the bullish flag exerting its impact, purchasers may propel a surge past the $0.028 peak and the $0.034 ceiling.
Technical Indicator
- Pivot Level: With the Notcoin projecting the possibility of entering price discovery mode, the traditional pivot level shows potential resistance at $0.034, followed by $0.038 and $0.042
- Average Directional Index: An uptick in the daily ADX slope at 14% accentuates the recent correction and assists buyers in recuperating bullish momentum.
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2024-06-14 20:40