Bitcoin
Notcoin Price Rise – See How It Outperformed Bitcoin, Ethereum
- NOT followed TON price direction as demand drove volume to $1.37 billion
- Token appeared overbought, pointing to a possible drop to $0.016 on the charts
Notcoin [NOT] defied the broader market’s “red period” as the price rose 7.22% in the last 24 hours. According to CoinMarketCap, this happened at a time when Bitcoin [BTC] fell to $65,103 before recovering slightly above $66,000.
Ethereum [ETH] also recorded a decline to $3,381 around the same time. The performance highlights Notcoin’s almost zero correlation with the two main cryptocurrencies.
At press time, NOT has changed hands at $0.020. On June 14, however, the token had initially reached $0.022 on the price charts.
NOT optimistic feeling, suits TON
However, Notcoin is not alone in its rise as a Telegram-linked project Toncoin [TON] joined too. A few weeks ago, AMBCrypto had reported as NOT did not follow the same trend as TON.
Due to the latest price increase, it now appears that the two have aligned.
From a network perspective, we also found that sentiment around Notcoin has been incredibly bullish. Using weighted sentiment metric e.g. AMBCrypto observed that the reading was 0.178 on June 13. However, to date, the same metric has reached 0.617.
The notable increase in a short period implies that online comments about NOT were much more positive than those that were pessimistic about the token.
Source: Santíment
In addition to the price increase and bullish sentiment, Notcoin volume surpassed the $1 billion mark. The increase in volume constituted a 131% increase in the last 24 hours.
Trading volume is crucial to the price and direction of a cryptocurrency. Indicates whether market participants are interested in a token.
Heavy volume movement, alongside a price increase, suggests an increase in buying pressure. On the other hand, if the peak is accompanied by a price drop, it implies an increase in selling pressure.
Notcoin price may fall later
For NO, it was the first. However, NOT volume is unlikely to reach $4 billion, as it did when the price reached an all-time high of $0.029 on June 2.
Evidence of this was reflected in the Relative Strength Index (RSI). The RSI is an oscillator that measures the speed and changes in price movements.
A value greater than 70 indicates that an asset is overbought. When it is less than 30, it means it is oversold. In the case of Notcoin, the RSI on the daily chart had a reading of 74.27.
Simply put, the token was overbought. Thus, the price may start a slow reversal on the chart. If this happens, the price of NOT could fall to $0.016 within a few days.
Source: Santíment
However, this prediction would be invalidated if broader market conditions changed. Assuming prices in general start moving north, NOT could follow suit.
Realistic or not, here it is NOT market value in terms of BTC
If this is the case, the token’s value could jump to $0.022 once again. Additionally, market participants should pay attention to developments or announcements surrounding the project, as this could also impact the price.