Despite Bitcoin Struggling To Stay Afloat On The $68,000 Mark, Notcoin Doubled In Market Valuation In Just Seven Days

With the Telegram-based cryptocurrency gaining more than 150% in the past seven days and reaching a new all-time high of $0.013 with a market valuation of $1.255 billion, Notcoin (NOT) appears to be on an unstoppable price rally at this point.

NotcoinSource: CoinMarketCap 

Bearish sentiment is still plaguing the cryptocurrency market, as Bitcoin is fighting to sustain support above $68,000. Notcoin (NOT), on the other hand, has become a beacon of hope amidst the sea of red, defying the broader market trend.

Notcoin is currently the 74th largest cryptocurrency, trading at $0.0122 and having a $1,255 billion market capitalization. Notcoin made an astounding 150% gain in the previous week. The 9.40% increase in daily trading volume, which settled at $1.18 billion, coincides with the NOT price surge.

Is Notcoin really overbought?

For owners of Notcoins, the recent price increase is welcome, but experts advise caution. The coin's Relative Strength Index (RSI), according to TradingView data, is an alarming 68, suggesting that it is heavily overbought. This gives rise to concerns regarding possible price manipulation by whales, or big investors with significant market power.

NOT's RSI needs to calm down and settle below the 50 level in order for a continuous and healthy price increase. A relative strength index (RSI) of less than 50 would indicate more stable market conditions and lessen the likelihood of an abrupt and significant price correction.

The latest surge comes after NOT had a difficult launch. The project made its debut on May 16 by airdropping 80 billion tokens. Although it appeared promising to list on well-known exchanges like Binance, Bybit, and MEXC, these easily accessible platforms enabled airdrop recipients to sell off quickly, which led to a 55% price drop shortly after launch.

Following this event, bearish sentiments dominated the market for more than a week, which put downward pressure on the price. As a result, on May 24, the price of Notcoin dropped to a low of $0.004583. But in the end, this ostensibly lowest price point provided a catalyst for an incredible comeback.

After this period of decline, the NOT price saw a notable increase that exceeded its prior all-time high of $0.009900. Over $5.9 million worth of short positions were liquidated in the last day as a result of the recent spike in Notcoin prices.

NOT made it into the top 100 assets list and reached a $1 billion market capitalization just two days ago. But since then, its ranking has risen significantly, and with a $1.25 billion market capitalization, it is currently the 74th largest asset.

Furthermore, the NOT team declared with pride that the token now has 1.6 million on-chain holders, more than meme coins like Pepe, BONK, and Shiba Inu combined.

What drives the massive spike?

On May 28, Notcoin saw a notable 58% increase that nearly brought it back to the $0.01 level. This surge followed a community survey in which supporters overwhelmingly opted not to use Bitcoin. The recent price increase appears to be largely due to this vote of confidence from its user base.

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