Notcoin Price Analysis: NOT Price Skyrockets to All Time High, Is a Reversal Looming?

Notcoin Price Analysis: NOT Price Skyrockets to All Time High, Is a Reversal Looming?

Notcoin (NOT), a telegram based crypto, price rally in the last 24 hours has been solid with the bulls managing to skyrocket price to a new all time high of $0.02896 just a few hours ago. Due to this rally, NOT has managed to become the top gainer in the last day according to CoinMarketCap data. 

As of press time, NOT was trading at $0.02163, an 11% surge in the last day and 288% rally in the last 7 days. 

NOT/USD 24-hour price chart (source: CoinMarketCap)
NOT/USD 24-hour price chart (source: CoinMarketCap)

Accompanying this rally, NOT’s market capitalization and 24 hour trading volume surged by 12% (ranking 53rd) and 132.77% respectively to $2,238,460,107 and $4,410,419,288. Subsequently, this surge has been attributed to the successfull NOT airdrop which has been ranked the 8th largest crypto airdrop with over $1B distributed among the users.

During this rally, according to LookOnchain platform, a whale made a unrealized profit of $862K on $NOT. This whale, spent $286K worth of TON (50,550 coins) to buy 46.4B $wNOT  before the listing of NOT. Post this transaction, the whale exchanged all 46.4B $wNOT for around 46.4M $NOT on May 21st. Consequently, as the NOT price soared to an all time high of $0.02896, a profit of $862K had been realized. 

NOT/USD Technical Analysis

On the NOTUSD 2 hour price chart indicators point to a potential pullback in the bullish rally.The Moving Average Convergence Divergence (MACD) for instance has shifted below the signal line with a rating of 0.0023611 suggesting a decreasing bullish momentum. This trend warrants caution to traders to set stop loss in case of a bearish turnover. 

Adding to this negative momentum, the histogram has fallen below the zero line suggesting an increasing selling pressure which reflects traders taking profits after the recent ATH. 

NOT/USD 2hour price chart (source: TradingView)
NOT/USD 2hour price chart (source: TradingView)

Concurrently, the Relative Strength Index (RSI) has also fallen below its signal line pointing to a drecreasng buying pressure. However, since the RSI is still above the 50 region, the bulls still have a chance at a rally. If this RSI trend falls below 50, a bearish sentiment may be anticipated. 

Despite this bearish shift, NOT price is still moving above its 2-hour 50 Moving Average which is a bullish indicator for investors. Moreover, ponting to a continued rally, Notcoin’s network transaction in the last 24-hour ranked 4th with the total volume hitting $4.673 billion, after Bitcoin, Ethereum and USDT. Subsequently, the NOT/USDT transaction volume on the Binance reached $2.182 billion, accounting for 46.56% of the total.

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