Markets
NOT rebounds by 28% in 24 hours despite the slowdown of the entire market
Notcoin (NOT) has become the main gainer among the top 100 cryptocurrencies, while the broader crypto market is seeing 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%, falling to $1.14 billion.
NOT price and RSI – May 30 | Source: Santiment
According to data provided by Santiment, the Relative Strength Index (RSI) currently stands at 83. The indicator shows that Notcoin is overbought at this point and there is even a possibility of whale price manipulation.
To NOT guarantee its gradual price rise, its RSI should cool below the 50 mark.
Notably, the market has entered a phase of consolidation, marked by limited movements, such as Bitcoin (BTC) is struggling to hold above the $68,000 price zone. As market uncertainty prevails, crypto assets such as Shiba Inu (SHIB) and Pépé (PEPE) are experiencing massive price drops.
The latest NOT rally comes shortly after the crypto asset experienced a price crash due to large-scale selling from airdrop recipients looking to profit from their allocations. According to a report According to crypto.news, the Notcoin team airdropped 80 billion tokens on May 16, culminating in its launch.
At launch, listings are NOT secure on major crypto exchanges including Binance, Bybit, and MEXC. However, this feat was its undoing, as the airdrop recipients had enough liquidity to liquidate their holdings, causing the token to collapse by 55% shortly after its debut.
The bears maintained this downtrend for over a week, eventually leading to a low of $0.004583 on May 24. Nonetheless, this floor price served as a precursor to NOT’s recovery surge.
May 28, Notcoin jumped 58% to retest the $0.01 price zone following a community poll that saw supporters choosing it over Bitcoin.