NOT rallies 28% in 24 hours despite market-wide downturn

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As a seasoned crypto investor with a keen interest in the market dynamics, I find the recent surge of Notcoin (NOT) intriguing, given the broader bearish sentiment engulfing the crypto space. NOT’s impressive 28.6% gain within the last 24 hours, currently trading at $0.011 with a market cap of $1.23 billion and ranking as the 72nd-largest cryptocurrency, is a promising sign.

As a crypto investor, I’ve noticed an intriguing development in the market: Notcoin (NOT) has stood out as the top performer among the top 100 cryptocurrencies, despite a bearish trend prevailing across the broader crypto market.

The value of NOT has increased by 28.6% over the past 24 hours and is now priced at $0.011. Its market capitalization amounts to $1.23 billion, ranking it as the 72nd largest cryptocurrency. The daily trading volume for Notcoin has declined by 4%, reaching a figure of $1.14 billion.

Based on Santiment’s data, the NOT RSI for Notcoin stands at 83. This signifies that Notcoin is currently considered overbought in the market. Furthermore, there’s a potential for price manipulation by large investors or whales.

For NOT to secure its gradual price hike, its RSI would need to cool down below the 50 mark.

Significantly, the cryptocurrency market has entered a period of consolidation, characterized by limited price fluctuations around certain levels. Bitcoin (BTC), for instance, has been unable to sustain prices above $68,000. Amidst this volatility, coins like Shiba Inu (SHIB) and Pepe (PEPE) have experienced substantial price drops due to market instability.

As a crypto investor, I’ve noticed that the recent price surge of NOT comes after a significant drop following massive sell-offs by recipients of its airdrop. Based on a report from crypto.news, the NOT team distributed 80 billion tokens during their May 16 airdrop event, leading up to its official launch.

At the initial release, the listings for the crypto asset on prominent exchanges such as Binance, Bybit, and MEXC were not yet secured. Unfortunately, this lack of security proved detrimental as recipients of the airdrop had multiple options to sell their tokens, leading to a sharp 55% drop in price shortly following the launch.

For more than a week, the bears maintained their downward trend, resulting in a record low of $0.004583 for the bears on May 24. However, this bottom price marked the beginning of NOT‘s subsequent price surge.

On May 28th, Notcoin experienced a significant surge of 58%, reaching the price region of $0.01, after a community poll favoring Notcoin over Bitcoin took place.

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2024-05-30 12:11