Altcoin
Notcoin’s Price Surge: Here’s How It Outperformed Bitcoin and Ethereum
- NOT followed the price direction of TON as demand pushed volume to $1.37 billion
- The token appeared overbought, indicating a possible drop to $0.016 on the charts
Not money [NOT] defied the “red period” of the broader market as the price rose 7.22% in the last 24 hours. According to CoinMarketCap, this happened at a time when Bitcoin [BTC] it slipped to $65,103 before recovering slightly above $66,000.
Ethereum [ETH] it also saw a decline to $3,381 over the same period. The performance underlines Notcoin’s almost zero correlation with the two main cryptocurrencies.
As of this writing, NOT changed hands at $0.020. On June 14, however, the token initially touched $0.022 on the price charts.
NOT a bullish sentiment, goes with TON
However, Notcoin is not alone in its rise as a Telegram-related project Toncoin [TON] he joined too. A few weeks ago, AMBCrypto had reported how NOT did not follow the same trend as TON.
In the wake of the latest price increase, it would appear that the two have now aligned.
From an on-chain perspective, we also found that the sentiment around Notcoin was incredibly bullish. Using the weighted sentiment metric, for example, AMBCrypto observed that reading was 0.178 on June 13. However, as of this writing, the same metric had reached 0.617.
The notable increase in a short period implies that online comments on NOT have been much more positive than bearish ones on the token.
Source: Santimento
Aside from the price increase and bullish sentiment, Notcoin volume has crossed the billion-dollar 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, next to price increase, suggests an increase in buying pressure. On the other hand, if the surge is accompanied by a drop in prices, this implies an increase in selling pressure.
Notcoin price may drop later
For NOT, 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 is reflected in the Relative Strength Index (RSI). The RSI is an oscillator that measures the speed and changes in price movements.
A value above 70 indicates that an asset is overbought. When it is below 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. Therefore, the price may begin a slow reversal along the chart. If this happens, NOT price could drop to $0.016 in a matter of days.
Source: Santimento
However, this prediction would be invalidated if broader market conditions change. Assuming prices across the board begin to move north, NOT could follow suit.
Realistic or not, that’s it The market capitalization of NOT in terms of BTC
If this were the case, the value of the token could rise again to $0.022. Besides that, market participants should pay attention to developments or announcements related to the project as these could also affect the price.