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NOT rallied 28% in 24 hours despite the overall market downturn
Noncoin (NOT) has emerged as the biggest gainer among the top 100 cryptocurrencies, while the broader cryptocurrency 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% to $1.14 billion.
NOT price and RSI – May 30 | Source: Santimento
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 this point and there is also a possibility of whale price manipulation.
To NOT ensure its gradual price increase, its RSI should cool below the 50 mark.
In particular, the market has slipped into a consolidation phase, characterized by movements within ranges, as Bitcoin (Bitcoin) struggles to stay above the $68,000 price territory. With market uncertainty, cryptocurrencies like Shiba Inu (SHIB) and Pepe (PEPPER) are experiencing massive price drops.
NOT’s latest rally comes shortly after the cryptoasset witnessed a price collapse in the wake of large-scale sell-offs by airdrop recipients seeking to cash out their allocations. According to relationship from crypto.news, the Notcoin team launched 80 billion tokens on May 16, culminating in its launch.
At launch, UNsecured listings on major cryptocurrency exchanges, including Binance, Bybit, and MEXC. However, this feat was its undoing, as recipients of the airdrops had sufficient liquid venues to liquidate their holdings, causing the token to plummet 55% shortly after debut.
The bears maintained this downtrend for over a week, finally leading to a low of $0.004583 on May 24. Nonetheless, this price floor served as a precursor to NOT’s recovery push.
On May 28th Notcoin increased 58% decided to test the $0.01 price territory again following a community survey that saw supporters choose it over Bitcoin.