Markets
NOT rises 28% in 24 hours, despite the market-wide crisis
Notcoin (NO) has emerged as the biggest gainer among the top 100 cryptocurrencies while the broader crypto market is witnessing bearish momentum.
NOT is up 28.6% in the last 24 hours and is trading at $0.011 at the time of writing. The asset’s market capitalization currently stands at $1.23 billion, making it the 72nd largest cryptocurrency. Notcoin’s daily trading volume decreased by 4%, dropping to $1.14 billion.
NOT price and RSI – May 30 | Source: Santíment
According to data provided by Santiment, the NOT Relative Strength Index (RSI) is currently hovering at the 83 mark. The indicator shows that Notcoin is overbought at the moment and there is still a possibility of whale price manipulation.
To NOT guarantee its gradual price increase, its RSI would need to cool below the 50 mark.
Notably, the market has entered a consolidation phase, marked by limited moves, as Bitcoin (Bitcoin) struggles to stay above the $68,000 price territory. As market uncertainty prevails, crypto assets like Shiba Inu (SHIB) and Pepê (PEPE) are seeing massive price drops.
NOT’s latest rally comes shortly after the crypto asset witnessed a price drop due to large-scale selling by airdrop recipients looking to profit from their allocations. According to a report Per crypto.news, the Notcoin team released 80 billion tokens on May 16, culminating in its launch.
Upon launch, NOT secured listings on major cryptocurrency exchanges including Binance, Bybit, and MEXC. However, this feat was its undoing, as the airdrop recipients had enough liquid locations to liquidate their holdings, causing the token to drop 55% shortly after debut.
The bears maintained this downtrend for over a week, eventually leading to a low of $0.004583 on May 24. However, this price floor served as a precursor to NOT’s recovery momentum.
On May 28, Notcoin emerged 58% to retest the $0.01 price territory following a community survey that saw proponents choose it over Bitcoin.