Notcoin (NOT) Price Skyrockets by 51.6% as the Market Rebounds

NOT is up by 51.6% in the past 24 hours and is trading at $0.0158 at the time of writing. The asset's market cap currently sits at $1.6 billion, making it the 50th-largest cryptocurrency.

The price of Notcoin (NOT) has surged as the market recovers amid traders speculating on its price decrease.

In the past 24 hours, NOT has increased by 51.6% and is currently trading at $0.0158. The asset’s market capitalization now ranks 50th among cryptocurrencies, with $1.6 billion.

Furthermore, Notcoin’s daily trading volume soared by 307%, reaching an astounding $1.1 billion.

According to data from Santiment, the Notcoin total open interest increased by 61% over the past day, rising from $115 million to $185 million. When an asset experiences a sudden increase in open interest, it typically indicates high price volatility due to increased liquidations.

Data from the market intelligence platform reveals that the total funding rate for NOT sharply declined from 0.001% to negative 0.02% over the past 24 hours. This movement suggests that the asset’s open interest has predominantly shifted towards short trading positions.

In essence, the number of trades speculating on a decrease in Notcoin’s price has risen significantly.

According to Santiment, the Notcoin Relative Strength Index (RSI) increased from 52 to 62 over the past day. The indicator suggests that NOT is slightly overbought at this price point and that whales are likely to take short-term profits.

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

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