Notcoin (NOT) that is based on Telegram has gone up 22% to $0.0158 during European trading hours today. After a recent market recovery, this significant gain comes after the altcoin has already gone up by 6% in just the last day.
According to CoinMarketCap data, Notcoin’s price movement shows an enormous upward trend. The cryptocurrency now has a market capitalization of $1.6 billion. The fact that trading volume has risen to $1 billion shows that investors are more interested and the market is very active.
Notcoin’s Open Interest Surge
Notcoin has been very unstable over the past week, going back and forth between $0.009 and $0.0165. Today’s hourly high of $0.01633 is a big jump from the previous low of $0.0091 on July 5. This shows that investors are confident in the market and that it is moving forward.
Notcoin’s total open interest went from $101.56 million on July 6 to $192 million on July 8 according to Coinglass data. This is a significant 90% rise in just three days. Such a quick rise in open interest usually comes before big price changes, which suggests that there could be more instability in the near future.
Coinglass also shows that the aggregated funding rate has gone up by 0.22% in the last 24 hours. This shows that traders are feeling optimistic as their long trading accounts have mostly grown.
There are also technical signs that point to a bullish future for Notcoin. At 63.20, the Relative Strength Index (RSI) shows that buyer interest and momentum are rising. Recently, the Moving Average Convergence Divergence (MACD) showed a bullish crossing, which means that the MACD line moved above the signal line.
This was backed up by a change in the histogram from negative to positive bars.Even with these good signs, Notcoin is still up against support at $0.016; however, it could break through to $0.02 or even higher in the near future.
On the other hand, if market mood goes down, Notcoin could stay stable around the $0.015 support level. If this happens for a long time, the price could drop to $0.014 anyway.
