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- Notcoin, one of the pioneering Telegram gaming protocols has seen a 68% price rebound.
- The project is expanding its reach in the industry with incubator initiatives with core partners.
Amid a recent recovery phase, Telegram’s Notcoin (NOT) is now earmarking $0.021 as the price rebounded by 68%. Over the last three days, NOT rose to $0.0171 despite bearish sentiments in the crypto market.
Interest in Notcoin Increases
It has been observed that Notcoin is getting more attention from crypto devotees which is responsible for flaming the altcoin’s recovery. From a technical standpoint, Notcoin’s Relative Strength Index (RSI) is currently above the neutral line, as pointed out by TradingView. This suggests increased buying pressure from traders. If this situation continues, there could be a further increment in NOT’s price soon.
In addition, the funding rate, another important metric, is positive. In the crypto space, a positive funding rate shows an optimistic outlook from traders and investors. The reverse is the case when the funding rate is in the negative. In the case of Notcoin, the positive funding rate represents a shift from an earlier period of intensely negative rate. This perspective change shows investors are betting on future gains. In a typical scenario, this could ignite further price rises for the token.
Investors’ rising interest in NOT may have stemmed from the altcoin’s resilience despite fluctuations in the market. As previously mentioned in our report, NOT positions among the top gainers on the market. The Notcoin team disclosed that over 200 initiatives have adopted the platform.
Alongside the altcoin’s resilience, recent ecosystem moves like partnerships may have also aroused the interest of investors. An example that aligns with this is the integration of NOT tokens with the digital asset custody provider Cobo. As noted in our earlier post, this collaboration expands Notcoin’s offering, assuring users of the token’s widespread application.
Similarly, Notcoin joined forces with analytics company Helika to create an incubator for upcoming Telegram games, called Telegram Gaming Accelerator. In a recent update, we covered that Notcoin and Helika hope to grow the micro meta by leveraging Telegram’s popularity.
NOT Targets $0.0211
NOT has recovered from a 35% loss seen towards the June end, rising by 68% within the last three days. Notcoin’s next target now lies at the $0.0211 mark. For this to happen, the altcoin would require a breach of the resistance at $0.0179.
However, a price withdrawal to $0.0130 is very likely if this breach fails and investors move to book profits. Losing this support would invalidate the bullish expectations, sending NOT below $0.0100.
As of this writing, NOT has experienced a decline of 6.4% in the last 24 hours, now priced at $0.01538. The market cap also lost its value by a similar percentage to $1.6 billion, while the trading volume declined by 40% to $746 million.
The decline in trading volume suggests a reduction in selling pressure, indicating unwillingness from investors to sell in anticipation of higher prices ahead.
