Notcoin price prediction: NOT pattern points to more upside

By:
on Jun 5, 2024
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  • Notcoin token has dropped by almost 25% from its highest point this week.
  • This drop happened as other popular cryptocurrencies like BNB and Floki soared.
  • Notcoin has become a $2.3 billion cryptocurrency in the past few weeks.

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Notcoin price has pulled back in the past 24 hours even as some coins like Floki and BNB surged to their record highs. The $NOT token was trading at $0.0225 on Wednesday, down by almost 25% from its highest point this year. Its market cap has dropped to about $2.3 billion. 

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Notcoin made headlines in May after it emerged from the Binance Launchpool to a warm reception. Since then, the token has surged to a record high, making it the biggest player in the Toncoin ecosystem. 

Notcoin, a simple play-to-earn platform, is unlike other blockchain networks that promise substantial utility like Decentralized Finance (DeFi) and Non-Fungible Token (NFT). Its white paper contains eight blank pages and its tagline is Probably Nothing. 

Still, despite all this, the network has attracted over 35 million users from around the world. These users mined the $NOT tokens using their Telegram applications and are now eligible to claim them. 

Recent data shows that Notcoin’s ecosystem is booming. Data by CoinGecko shows that the token’s 24-hour volume stood at over $2.4 billion at the time of writing. On Monday, the token had a total volume of over $4.6 billion, a figure that is higher than other popular mainstream tokens like Polkadot and IOTA.

Notcoin’s popularity has coincided with the ongoing growth of Telegram, a social media network with almost a billion users. It has also happened at a time when the Toncoin ecosystem is booming with a total value locked (TVL) of over $770 million. 

Meanwhile, other cryptocurrencies are doing well. Bitcoin has jumped above $71,000 while BNB has soared to a record high. Solana has jumped to $175 while the crypto fear and greed index has moved to the greed zone of 62.

Notcoin price forecast

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Notcoin price

NOT chart by TradingView

The 30-minute chart shows that the NOT token price has remained in a tight range in the past few hours. In this period, it has been stuck at the 50-period moving average while the MACD and the Relative Strength Index (RSI) have formed a bearish divergence pattern. 

Most importantly, the token has formed a symmetrical triangle pattern, which has a close resemblance to a bullish pennant. This triangle is nearing its confluence level, meaning that it could have a bullish breakout in the near term. If this happens, the next level to watch will be its all-time high of $0.029.

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