Notcoin, a Telegram-based altcoin, has been trading in a bearish trend in the days following market fluctuations. Notcoin price analysis reveals significant volatility characterized by distinct high and low price points.
Over the past week, the top altcoin hit a low of $0.0102. However, it has experienced a sharp rebound, surging above $0.013 due to increased buying pressure.
Notcoin Price Analysis: Surging Volume and Open Interest
According to Coinglass data, Notcoin is experiencing a notable bullish trend as key metrics reveal significant growth. The cryptocurrency’s volume has surged by 39%, reaching $584 million. Additionally, open interest has increased by 3%, totaling $148 million. This rise in activity suggests heightened market interest and trading activity.
Adding to the bullish sentiment, long liquidation in Notcoin stands at $246K, indicating traders’ positions being closed, potentially driving further upward pressure on the price.
As of the time of writing, the altcoin hovered at $0.01314 during U.S. trading hours, with a slight surge of 4% following a market rebound. NOT experienced a low of $0.01237 and a high of $0.01354 in the past 24 hours.
According to CoinMarketCap data, NOT’s market cap has increased by 3% to $1.3 billion, solidifying its ranking at #60. The trading volume soared by 33% to $161 million, highlighting a significant investor interest in the market.
Can NOT Overcome the Next Resistance Level?
Notcoin price analysis shows growth potential; if sustained, this trend could propel Notcoin past the resistance level of $0.017. Such a breakthrough might elevate its valuation to around $0.035 and potentially even to $0.050 in the near future.
The 4-hour chart for Notcoin price analysis reflects some intriguing trends. The Relative Strength Index (RSI) is at 48 suggests that NOT is neither overbought nor oversold.
Meanwhile, the Moving Average Convergence Divergence (MACD) indicates a bearish sentiment as it remains below the signal line. However, the divergence between the MACD and signal lines is narrowing.
On the flip side, If the market dynamics turn negative, Notcoin is expected to establish support at $0.016. A further decline could see its price retreating to roughly $0.012, highlighting the volatile nature of the cryptocurrency market. In a more severe downturn, the price of Notcoin could plummet to as low as $0.01.
Frequently Asked Questions (FAQs)
According to various technical, and quantitative indicators, the outlook for Notcoin in 2024 is bullish, suggesting it might be a good buy.
Notcoin originated as a viral Telegram game, using a tap-to-earn mechanic to introduce many users to web3 technologies.
Based on historical data, investing in Notcoin is currently considered profitable.
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Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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