Notcoin (NOT) Continues to Surge: What’s Driving Its Continuing Market Surge

Notcoin (NOT) Continues to Surge: What’s Driving Its Continuing Market Surge

Notcoin (NOT) is one of the most promising cryptocurrencies which have shown the impressive result and increased by 59.27% in the last one day trading session. This has not only taken the asset’s market capitalization to an all-time high of $2. 02 billion but has also been able to boost its trading turnover by 283. 44%, totaling approximately $2. 13 billion. As of now, it is the 56th largest cryptocurrency in terms of market capitalization, which means that there is demand for the project among investors and the target audience.

Aspects That Have Led to the Increase in Notcoin’s Price

Some of the factors that could have led to the increase in the market capitalization of Notcoin include major updates and token destruction. In the past week, Tonkeeper has added new features that make the token more valuable and functional – gas-free transactions with Notcoin and USDT. Furthermore, the recent burning of 6. 95 million Notcoin tokens has effectively decreased the circulating supply and this has led to an increase in the price of Notcoin even further. This strategy is usually employed to establish a ratio which may assist in adding value to the token in the long run.

This is because the current increase in the price of Notcoin can be attributed to on-chain activities, which are not only limited to trading at this time. Within the last 24 hours, the network has attracted more than a million new holders, and DEX trading has been observed. To be precise, 216,530 swaps have been made by 117,254 traders and 67,258 NFT voucher swaps to Notcoin across 16 addresses. These figures present a picture of an active trading market hence indicating that there is genuine interest in Notcoin in the long-run.

Notcoin Continues to Grow Gradually Towards $0.025

Notcoin (NOT) price analysis on the 4-hour chart indicates a further upward trend after the currency opened the day at a low of around $0.013, as far as recent highs of around $0.021. This price rise is supported by a rise in trading volume, which shows that more people want to buy this asset. The price action has stayed above the key moving averages with the 20-period Simple Moving Average providing dynamic support to the bullish narrative.

The technical analysis of Notcoin reveals that the currency is on an upward trend. The MACD has crossed above the signal line and the RSI is overbought at 90, suggesting that there is a lot of buying pressure. Nevertheless, the RSI remains above 70, which means that the price may be overbought and may reverse, with the price close to the upper band. The first level of resistance is at the recent high of $0. 021, and a potential pullback might find support near the $0. 0185 mark.

Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.

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