NOT rallies 28% in 24 hours despite market-wide downturn

Notcoin Gains Momentum Amidst Market Downtrend

Notcoin (NOT) has become the top performer among the leading 100 cryptocurrencies, defying the bearish trend in the broader crypto market.

NOT has gained 28.6% over the past 24 hours, trading at $0.011 at the time of writing. Its market capitalization has reached $1.23 billion, ranking it as the 72nd-largest cryptocurrency. Despite a 4% drop in daily trading volume, it still remains significant at $1.14 billion.

NOT Price and RSI Analysis

According to Santiment, the NOT Relative Strength Index (RSI) is currently at 83, indicating an overbought condition. This suggests the potential for whale price manipulation or a correction.

For NOT to sustain its price growth, the RSI would need to cool down below 50.

Market Conditions

Amidst market uncertainty, the crypto market has entered a consolidation phase, with Bitcoin (BTC) struggling to maintain its $68,000 price level. Crypto assets like Shiba Inu (SHIB) and Pepe (PEPE) have experienced significant price declines.

Recent NOT Rally

The latest NOT rally follows a price plunge triggered by airdrop recipients cashing out their allocations. After airdropping 80 billion tokens on May 16, NOT secured listings on major exchanges.

However, this led to a 55% collapse as airdrop recipients sold their holdings. The bears held this downtrend until May 24, when NOT reached a low of $0.004583.

On May 28, NOT rebounded by 58%, after a community poll favored it over Bitcoin. This recovery signaled the start of NOT's current upward momentum.