Market-wide downturn fails to deter NOT as it surges by 28% within 24 hours
Notcoin (NOT) has emerged as the top performer among the top 100 cryptocurrencies, even as the broader crypto market experiences a bearish trend.
Over the past 24 hours, NOT has seen a significant increase of 28.6% and is currently trading at $0.011. The cryptocurrency has a market capitalization of $1.23 billion, making it the 72nd largest cryptocurrency. However, the daily trading volume for NOT has decreased by 4% to $1.14 billion.
Data from Santiment shows that the Relative Strength Index (RSI) for NOT is currently at 83. This indicates that the cryptocurrency is overbought and there is a possibility of price manipulation by large investors.
In order for NOT to sustain its upward price movement, the RSI would need to cool down to below the 50 mark.
It is worth noting that the overall market is currently in a consolidation phase, with Bitcoin struggling to maintain its position above $68,000. This market uncertainty has led to significant price declines for other cryptocurrencies such as Shiba Inu (SHIB) and Pepe (PEPE).
The recent rally for NOT comes after a period of price decline caused by large-scale selling from recipients of the token’s airdrop. The Notcoin team distributed 80 billion tokens through an airdrop on May 16, which led to the token’s launch. However, the availability of liquid venues for selling caused the token to plummet by 55% shortly after its debut.
Despite this initial setback, NOT has managed to recover. On May 28, the cryptocurrency surged by 58% and retested the $0.01 price range following a community poll where supporters chose NOT over Bitcoin.
In conclusion, NOT has experienced significant price gains amidst a bearish market, but its overbought condition and the possibility of price manipulation raise concerns about its sustainability.
