A Telegram-based play-to-earn program is linked to the Notcoin (NOT) token. On July 4, the NOT token had one of its worst days since it began. The coin was being sold for $0.011 early in the day. It dropped as much as 18.38% in the next 24 hours, reaching $0.098.
During its start and the airdrop phase that followed, Notcoin was very unpredictable. This drop made people remember that. Analysts say that this latest drop was caused by a number of things, but the main one was the effect of recent events in Bitcoin (BTC).
Notcoin’s Telegram Buzz And Price Drop
In particular, the return of Mt.Gox, a Bitcoin exchange that had been shut down, paid out large amounts of Bitcoin to bondholders. Along with Notcoin, the market as a whole went down because of this.
Even though Notcoin got a lot of attention early on because it was widely used on Telegram, its price dropped in more places than just spot markets. Trading in derivatives also put a lot of downward pressure on prices.
Open Interest (OI) dropped below $100 million, which shows that traders were closing out their positions and the market became less open.The drop in Social Volume, a measure of cryptocurrency interest based on online activity, showed that people’s desire for Notcoin was even weaker.
The token’s downward trend was helped by the fact that selling pressure was higher than buyer desire.There were signs in the market that prices were going down. Since the beginning of July, a lot of Notcoin has been sent out, as shown by the Accumulation/Distribution (A/D) line.
A lower band that hit $0.093 on the Bollinger Bands (BB) showed that there was a lot of movement. Analysts said the price might go back up to $0.012 if buyers gain confidence, but they also said it shouldn’t go down to $0.086 if buyers are careful.
