Notcoin rallies 51% as daily trading volume skyrockets 307%, traders bet on pull-back

Notcoin (NOT) Soars Amid Market Rebound and Bearish Bets

Notcoin (NOT) has experienced a significant price increase as the market recovers and traders speculate on its potential decline.

In the past 24 hours, NOT has gained 51.6%, currently trading at $0.0158. Its market capitalization has reached $1.6 billion, placing it among the top 50 cryptocurrencies.

Daily trading volume for Notcoin surged by 307%, reaching an astounding $1.1 billion.

According to data from Santiment, Notcoin's open interest increased by 61% in the past day, rising from $115 million to $185 million. This spike often precedes increased price volatility due to potential liquidations.

The funding rate for NOT dropped from 0.001% to negative 0.02% within 24 hours, indicating a significant increase in open interest with short trading positions. This suggests that investors are betting on Notcoin's price decline.

Meanwhile, Notcoin's Relative Strength Index (RSI) rose from 52 to 62, indicating that the asset is slightly overbought. There is a possibility that whales may take short-term profits.

For Notcoin to maintain its bullish momentum, its RSI needs to cool down below the 50 mark.