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ThecoinrepublicAltcoinsNotcoin (NOT) Price Surges 70% Against All...
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Notcoin (NOT) Price Surges 70% Against All Odds, Will It Rise More?

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  • Notcoin price surged 70% in 3 days, defying the market downtrend.
  • High trading volume and short squeeze suggest bullish momentum.
  • Notcoin gave a breakout from a bullish pattern on the daily chart.

Notcoin (NOT) seems to be unaffected by the prevailing market trend. It’s nearly 70% up over the past 3 days. The performance looks insane, especially when lots of big altcoins are bleeding hard.

NOT in market value climbed 15.04% and there was a 29.61% spike in trading volume in the last 24 hours, as per the Coinmarketcap. Its market value stands at $1.790 Billion, and its trading volume of spot amounts to $1.230 Billion at press time.

In terms of market cap, it ranks 49th, where liquidity looks very high, as the volume to market cap ratio of the past 24 hours of activity stands at 69.93%. There are 102.491 Billion NOT in circulation.

A Look at the Derivatives Chart of NOT

NOT open interest stands at $211.06 Million. As per Coinglass, more contracts opened into the market, as it rose by 5.76% in the previous session. 

NOT Futures Open Interest (USD)
NOT Futures Open Interest (USD) | Source: Coinglass

While the long/short ratio of 24 hours stands at 0.9877, which illustrates that more shorts have been liquidated, that has been reflected on its daily chart. The short liquidation stands at $5.19 Million versus $3.74 Million for the long liquidation.

NOT Total Liquidations Chart | Source: Coinglass
NOT Total Liquidations Chart | Source: Coinglass

Looking at the past 3 days’ activity, the OI and shorts liquidations have surged 2x to $101.56 Million and $2.24 Million, respectively, on July 6th. Thus, it led the price to rise from $0.01022 to $0.01715 (at press time), and on intraday itself, the price saw a 19.10% surge.

Notcoin Price Analysis

Notcoin broke out from a bullish pattern on the daily chart known as a falling wedge. It attained a bullish momentum in the last 3 days, which illustrates that buyers are trying their best and aim to capture lost territories back from the sellers.

In the past structure, mainly from the swing high peak of $0.0290 by June 2nd, 2024, NOT began to witness profit booking on its daily chart, which led to a 65% correction in the crypto.

In the last couple of trading sessions, the price rose by taking support at $0.0092. If the price continues to surge, it could reach the $0.0216 and $0.0265 hurdles.

While failing to rise, it could drop to lower levels and end the pattern.

The indicators highlighted the bullish perspectives as well. The price last traded above the 20-day and 50-day EMA bands.

MACD has converged with the high anticipation of a bullish cross formation soon, and RSI has been recovering from oversold to overbought.

Where is NOT Price headed?

Notcoin is defying the altcoin market downturn with a 70% price surge in 3 days. High trading volume and short squeezes suggest bullish momentum.

The breakout from a falling wedge pattern indicates a potential trend reversal, but resistance awaits at $0.0216.

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Varuni Trivedi
Varuni Trivedi
Varuni has been in the web3 space for half a decade, witnessing the changing dynamics of DLT, Blockchain and Web3. With 8 years of journalistic expertise, she has a keen interest in emerging technology and their impact on society. She has published news and on-chain analysis articles on Nasdaq as well as some of the top web3, crypto news firms. Currently, she heads The Coin Republic as the Editor-In-Chief.
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