As a seasoned crypto investor with a few battle scars from past market volatility, I find myself both intrigued and cautious by NOT‘s recent price rally. The asset’s meteoric rise in a short time frame has piqued the interest of traders, but its sudden surge in open interest and short positions leaves me concerned about potential downside risks.
The price of Notcoin (NOT) has experienced a significant surge as the market recovers, with some traders placing wagers anticipating a decrease in value.
The increase of NOT stands at 51.6% over the last 24 hours, and its current value is at $0.0158. At present, the asset boasts a market capitalization of $1.6 billion, ranking it as the 50th largest cryptocurrency.
Moreover, Notcoin’s daily trading volume skyrocketed by 307%, reaching a whopping $1.1 billion.
Based on Santiment’s data, the total open interest for Notcoin experienced a substantial growth of 61% within the last 24 hours. This upward trend brought the figure from $115 million to $185 million. When an asset undergoes a swift surge in open interest, it typically leads to significant price fluctuations as a result of escalated liquidations.
According to market intelligence data, the total funding rate for NOT dropped from a mere 0.001% to a significant negative 0.02% within the last 24 hours. This shift indicates that there has been a substantial rise in open interest, primarily driven by an increase in short positions.
Simply put, the amount of trades betting on Notcoin’s price fall has significantly increased.
Based on Santiment’s data analysis, I observed an increase in the Relative Strength Index (RSI) for Notcoin from 52 to 62 within the last day. According to this indicator, NOT is currently exhibiting slightly overbought conditions at its current price level. Consequently, there’s a strong possibility that whales could be considering taking short-term profits.
For Notcoin to remain in the bullish zone, its RSI needs to cool down below the 50 mark.
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2024-07-07 18:07