Notcoin (NOT) Surges 28% Amid Market Downturn

Notcoin (NOT) Surges 28% Amid Market Downturn

Despite a bearish trend in the broader cryptocurrency market, Notcoin (NOT) has emerged as a standout performer, recording a significant 28.6% gain in the past 24 hours. Currently trading at $0.011, Notcoin’s market capitalization has reached $1.23 billion, ranking it as the 72nd-largest cryptocurrency. However, its daily trading volume saw a slight decline of 4%, dropping to $1.14 billion.

According to data from Santiment, the Relative Strength Index (RSI) for NOT is at 83, indicating that the asset is currently overbought and suggesting potential whale price manipulation. For a sustained and gradual price increase, NOT’s RSI would need to cool down below the 50 mark.

The broader market has entered a consolidation phase with Bitcoin (BTC) struggling to maintain a position above $68,000. During this period of uncertainty, other crypto assets like Shiba Inu (SHIB) and Pepe (PEPE) have experienced significant price declines.

Notcoin’s recent rally follows a sharp decline caused by mass selloffs from airdrop recipients. On May 16, the Notcoin team distributed 80 billion tokens as part of its launch, leading to a 55% drop in value shortly after as recipients liquidated their holdings on major exchanges such as Binance, Bybit, and MEXC.

The token hit a low of $0.004583 on May 24, marking the bottom of its downtrend. However, a resurgence began on May 28, when NOT surged 58% to retest the $0.01 level following a community poll that favored Notcoin over Bitcoin.

This recovery highlights Notcoin’s volatility and the dynamic nature of its market performance amidst a general downturn in the cryptocurrency space.

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