Notcoin (NOT) has shown resilience amidst the prevailing market trend, experiencing a significant upsurge of nearly 70% over the past three days. This exceptional performance stands out in contrast to many major altcoins that are facing substantial losses.
In recent market activity, NOT has seen a remarkable increase of 15.04% in market value and a spike of 29.61% in trading volume within the last 24 hours, according to Coinmarketcap data. Presently, its market value is valued at $1.790 billion, with a trading volume reaching $1.230 billion.
Ranked 49th in terms of market cap, NOT exhibits high liquidity with a volume to market cap ratio of 69.93% over the past 24 hours, indicating strong market activity. The circulating supply of NOT amounts to 102.491 billion coins.
Derivatives Analysis of NOT
The open interest for NOT stands at $211.06 million, reflecting a 5.76% increase in contracts opened, as reported by Coinglass.
While the long/short ratio for the previous 24 hours stands at 0.9877, signaling a higher liquidation of shorts, the daily chart illustrates this trend with short liquidation amounting to $5.19 million compared to $3.74 million for long liquidation.
Over the past three days, open interest and shorts liquidations have doubled, reaching $101.56 million and $2.24 million, respectively, on July 6th. This surge in activity led to a price increase from $0.01022 to $0.01715, with an intraday surge of 19.10%.
Notcoin Price Analysis
Notcoin has broken out from a bullish falling wedge pattern on the daily chart, indicating a bullish momentum in the recent days. The price action suggests that buyers are actively reclaiming lost territories from sellers.
In the previous market structure, following a swing high peak of $0.0290 on June 2nd, 2024, NOT experienced a substantial correction of 65% in its value.
In the recent trading sessions, the price found support at $0.0092 and surged, potentially targeting resistance levels at $0.0216 and $0.0265.
Technical indicators support a bullish outlook, with the price trading above the 20-day and 50-day EMA bands. The MACD is on the verge of a bullish cross formation, while the RSI has shifted from oversold to overbought territory.
Future Price Projection for NOT
Despite the general downtrend in the altcoin market, Notcoin's impressive 70% surge over three days, along with high trading volume and short squeezes, suggest a bullish trajectory. The breakout from the falling wedge pattern hints at a potential trend reversal, with key resistance at $0.0216.