Notcoin Prices Rising – Here’s How It Outperforms Bitcoin and Ethereum

  • It did not follow the TON price trend as demand pushed the volume to $1.37 billion
  • The token appears to be in the overbought zone, indicating a possible drop to $0.016 on the charts

Not a currency [NOT] It defied the market’s broader ‘red period’ as the price rose 7.22% over the past 24 hours. According to CoinMarketCap, this happened at a time when Bitcoin [BTC] It fell to $65,103 before rebounding slightly above $66,000.

Ethereum [ETH] It also recorded a drop to $3,381 around the same time. The performance confirms Notcoin’s perfect correlation with the top two cryptocurrencies.

At press time, it is trading at $0.020. However, on June 14, the token initially reached $0.022 on the price charts.

The sentiment is not bullish, consistent with TON

However, Notcoin is not alone in its rise as the Toncoin project is linked to Telegram [TON] Join too. A few weeks ago, AMBCrypto reported on how NOT was not following the same trend as TON.

Against the backdrop of the recent rise in prices, it now appears that the two have agreed.

From an on-chain perspective, we also found that sentiment around Notcoin was incredibly bullish. Using a weighted sentiment metric, for example, AMBCrypto Notice That reading was 0.178 on June 13. However, at press time, the same measure stood at 0.617.

The significant rise over a short period indicates that online comments about NOT were much more positive than those that were bearish about the token.

Interest in Notcoin is rising amid rising prices

Source: Santiment

Aside from the price rise and bullish sentiment, Notcoin volume crossed the $1 billion mark. The increase in volume represented a 131% rise over the past 24 hours.

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Trading volume is crucial to a cryptocurrency’s price and trend. It indicates whether market participants are interested in the token.

Heavy volume movement, coupled with rising prices, indicates an increase in buying pressure. On the other hand, if the rise comes with falling prices, it means high selling pressure.

Notcoin price may fall later

Not, it was the former. However, it is unlikely that trading volume will 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 Relative Strength Index is an oscillator that measures the speed and changes in price movements.

A value above 70 indicates that the asset is overbought. When it is below 30, it means it is in the oversold area. In the case of Notcoin, the RSI on the daily chart had a reading of 74.27.

Simply put, it was a token Overbought. Hence, the price may start a slow reversal down the chart. If this happens, the NOT price could fall to $0.016 within a few days.

Notcoin is in the overbought zone

Source: Santiment

However, this prediction will be invalidated if the broader market condition changes. Assuming prices across the board start moving north, they may not follow suit.

Whether realistic or not, this is not the market cap in terms of BTC

If so, the token’s value could jump to $0.022 again. In addition, market participants should be aware of developments or announcements about the project as this may also affect the price.

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