- NOT adopted TON’s worth route as demand pushed the amount to $1.37 billion
- Token appeared overbought, pointing to a doable fall to $0.016 on the charts
Notcoin [NOT] defied the broader market “crimson interval” as the worth climbed by 7.22% within the final 24 hours. In response to CoinMarketCap, this occurred at a time when Bitcoin [BTC] slid to $65,103 earlier than barely recovering above $66,000.
Ethereum [ETH] additionally registered a decline to $3,381 across the similar time. The efficiency underscores Notcoin’s next-to-nothing correlation with the highest two cryptocurrencies.
At press time, NOT modified arms at $0.020. On 14 June, nonetheless, the token had initially tapped $0.022 on the worth charts.
NOT sentiment bullish, goes with TON
Nevertheless, Notcoin just isn’t alone in its rise as fellow Telegram-linked challenge Toncoin [TON] joined in too. Just a few weeks in the past, AMBCrypto had reported how NOT didn’t observe the identical pattern as TON.
On the again of the newest worth hike, it might appear now that the 2 have aligned.
From an on-chain perspective, we additionally discovered that sentiment round Notcoin has been extremely bullish. Utilizing the Weighted Sentiment metric, as an example, AMBCrypto observed that the studying was 0.178 on 13 June. Nevertheless, at press time, the identical metric had hit 0.617.
The notable hike inside a brief interval implies that on-line feedback about NOT had been far more optimistic than people who had been bearish concerning the token.
![Interest in Notcoin rises amid increasing price](https://ambcrypto.com/wp-content/uploads/2024/06/notcoin-sentiment-and-volume.png)
![Interest in Notcoin rises amid increasing price](https://ambcrypto.com/wp-content/uploads/2024/06/notcoin-sentiment-and-volume.png)
Supply: Santiment
Aside from the worth hike and bullish sentiment, Notcoin’s quantity surpassed the $1 billion mark. The rise in quantity constituted a 131% hike within the final 24 hours.
Buying and selling quantity is essential for a cryptocurrency’s worth and route. It signifies if market members are enthusiastic about a token.
Heavy motion of the amount, alongside a worth improve, suggests a rise in shopping for strain. Then again, if the spike comes with a worth fall, it implies a hike in promoting strain.
Notcoin’s worth might go down later
For NOT, it was the previous. Nevertheless, it’s unlikely that NOT’s quantity would hit $4 billion prefer it did when the worth hit an all-time excessive of $0.029 on 2 June.
Proof of this was mirrored within the Relative Energy Index (RSI). The RSI is an oscillator that measures velocity and adjustments in worth actions.
A price of over 70 signifies that an asset is overbought. When it’s lower than 30, it implies that it’s oversold. In Notcoin’s case, the RSI on the each day chart had a studying of 74.27.
Merely put, the token was overbought. Thus, the worth may start a sluggish reversal down the chart. If this occurs, the worth of NOT may fall to $0.016 inside just a few days.
![Notcoin is overbought](https://ambcrypto.com/wp-content/uploads/2024/06/notcoin-momentum-and-price.png)
![Notcoin is overbought](https://ambcrypto.com/wp-content/uploads/2024/06/notcoin-momentum-and-price.png)
Supply: Santiment
Nevertheless, this prediction could be invalidated if the broader market situation adjustments. Assuming costs throughout the board start to maneuver north, NOT may observe swimsuit.
Real looking or not, right here’s NOT’s market cap in BTC phrases
Ought to this be the case, the worth of the token may bounce to $0.022 as soon as extra. Apart from that, market members ought to be looking out for developments or bulletins across the challenge as this might additionally influence the worth.