Notcoin Price Skyrockets: Is it Just Hype or Something More?
CoinChapter.com – May 30, 2022
Notcoin has reached a new all-time high (ATH) after surpassing its record set just one day ago. This surge in price can be attributed to a variety of factors that have propelled the token’s value upwards.
Since its launch on May 18, Notcoin has experienced a massive bull run over the past week. The price of NOT has increased by 1509% week-to-date, reaching a peak of approximately $0.013 before experiencing a slight correction.
One possible reason for this rally is the recent listings of Notcoin on major exchanges. According to data provider CryptoQuant, the on-chain activity of the token has seen a significant increase following these listings. Transaction volumes and active addresses have surged, indicating a heightened interest in and active trading of NOTCOIN. Despite initial volatility, large holders of the token, particularly those with holdings between 100K and 1M NOTCOIN, have continued to accumulate.
This accumulation suggests that investors have confidence in the long-term value of NOTCOIN, beyond short-term market fluctuations. In other words, they believe that Notcoin has the potential to become more than just another memecoin and could become a store of value.
The distribution of community incentives through airdrops has also played a crucial role in the token’s success. These incentives have increased user engagement and circulation, thereby supporting the overall market health of NOTCOIN.
The consistent accumulation by large holders further reinforces the belief in the long-term potential of NOTCOIN. This trend indicates a deep confidence in the cryptocurrency’s value proposition, driven by community engagement and strategic incentive distribution.
Following its recent rapid ascent, the price of NOT has taken a breather on May 31, correcting by 7.7% to reach a low of around $0.012. However, bulls have fought back against the bearish pressure, reclaiming a significant portion of lost ground and keeping hopes alive for a continued rally.
If the rally continues, NOT will encounter resistance at the 0.618 Fibonacci retracement level near $0.0137. Breaking and consolidating above this immediate resistance could pave the way for a new ATH near $0.015.
On the other hand, profit-taking bears may cause the price of NOT to enter a downtrend, potentially dropping to the 0.382 Fibonacci level near $0.0112. Breaking below this immediate support could push the price of Notcoin towards the next support level at $0.0098.