NOT Surges After $3M Token Burn, Currently Trades at Bullish Pennant Resistance - Will Bullish Momentum Stir Break Out For July Continuation?

NOT Surges After $3M Token Burn, Currently Trades at Bullish Pennant Resistance - Will Bullish Momentum Stir Break Out For July Continuation?

Notcoin is a rising star in the crypto gaming sector and has been making waves with recent developments and price movements. Currently trading at $0.0146 NOT has seen a 6.82% increase over the last 24 hours according to recent data from Coinmarketcap.

NOT Price Chart: Coinmarketcap
NOT Price Chart: Coinmarketcap

The project which operates on the TON blockchain has climbed the ranks to become the 58th largest crypto by market cap now valued at $1.5 billion. Trading volume has also surged by 45.40% in the last 24 hours reaching $277 million.

Notcoin's unique approach of allocating 100% of its tokens to users has pushed it to become the third largest gaming token by market cap. The project consistently sees daily trading volumes ranging from $300 million to $1.5 billion as reported on X outpacing many competitors across various blockchain ecosystems.

In a similar move on June 25th the Notcoin team announced a more community oriented tokenomics structure. They burned $3 million worth of NOT tokens from the emission, a decision that has led to price surge. Additionally $4.2 million has been earmarked as an incentive for Gold and Platinum users of the platform.

The team behind Notcoin has made bold claims about the project potential stating that the Notcoin airdrop is bigger than ZkSync and LayerZero combined. This assertion if proven true could impact market sentiment and drive further price action.

NOT innovative blend of gaming, mining and blockchain technology has created a viral crypto experience. Built on the TON blockchain it offers a unique proposition in the increasingly crowded crypto landscape.

From a technical perspective Notcoin price action after reaching an all-time high of $0.029431 on June 2nd, the price experienced a 56% drop before finding support. Currently the price is trading within a bullish pennant formation, a pattern that often precedes price continuations

NOTUSD 4-Hour Chart: TradingView
NOTUSD 4-Hour Chart: TradingView

The 4-hour Relative Strength Index (RSI) is around 48 close to indicating a low timeframe recoveryt. This suggests that there's room for movement in either direction depending on how market forces play out.

The Moving Average Convergence Divergence (MACD) on the 4-hour chart is showing signs of building bullish momentum. The MACD line has crossed above the signal line and the histogram is positive sitting above the zero line. These are bullish indicators suggesting potential upward price movement.

However you should exercise caution. The price is currently testing the resistance zone of the bullish pennant. A successful breakout above this resistance could lead to a continuation of the bullish trend. On the other side a rejection at this level could see the price retesting support levels potentially dropping to the $0.013100 zone.

Looking ahead price predictions vary. According to data from Coincodex Notcoin price is forecasted to rise by 225.89% to reach $0.048387 by July 31 2024. However it's important to note that the current market is bearish with the Fear & Greed Index showing a neutral reading of 53.

Over the past 30 days Notcoin has seen 12 green days out of 30 with a price volatility of 16.62%. Based on these metrics some analysts suggest it may not be the optimal time to buy Notcoin yet as we should hold on and wait to see the aftermath that happens at the current resistance zone.

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