Notcoin Hits 11.5 Million Holders But Price Drops Over 13% After Failing to Break Resistance. Where To Next?

The new crypto called Notcoin (NOT) has been turning heads in the crypto space. Built on the TON blockchain, Notcoin uniquely combines elements of gaming, mining and blockchain tech to deliver an engaging and viral crypto experience.

NOT is currently trading at $0.01783 with a market cap of $1.8 billion. It has witnessed a drop of over 13% in the last 24 hours while its trading volume in the same timeframe is at $757 million, which has also seen a drop of 26.39%.

Notcoin taps into the massive user base of the popular messaging app Telegram which has over 900 million users. TON growth has been fueled by this distribution driving its daily active addresses to surpass even Ethereum. 

Notcoin team claims that TON will soon become the largest blockchain leaving all others in the dust. Their aim is to properly introduce web3 technologies to the next 300 million people through communities, education and gaming as they plan to do it with style.

The numbers seem to back up the hype. Just a month after listing Notcoin reports having 11.5 million token holders who have claimed, staked sent to exchanges or withdrawn tokens on-chain as reported on their X wall. Of the initial token drop, most has already been distributed and with unclaimed tokens going towards future development and some being burned.

As an added incentive Notcoin will provide extra rewards to those who staked at the Gold and Platinum levels and the more you contributed, the more you get back. The project viral growth has been off the charts with Notcoin reporting over 40 million total users as of June 9th.

NOT Technical Analysis

Looking at the charts Notcoin enjoyed a strong rally in early June setting a new all-time high of $0.029431 on June 2nd. Since then the price has been mainly bearish trading within a descending triangle pattern. 

A breakout attempt failed when the price could not close above the triangle resistance. This led to an impulsive breakdown below support which was then retested and confirmed the downtrend's continuation.

NOT found support at a fair value gap as analyzed in our previous report, temporarily resuming its uptrend from there. Over the last weekend the price retested resistance at $0.020 but failed to break and close above it.

Currently the 4-hour RSI sits at 41 indicating bearish momentum with more room for downside before oversold conditions. The MACD is also bearish with the MACD line below the signal line and the histogram under zero.

According to our analysis, the price may retrace a bit lower before attempting another breakout. The resistance around $0.02 is the key level to watch. If Notcoin can break and hold above it, some analysts took to his X account stating that he predicts a pump to at least $0.026.

Forecasting platforms like CoinCodex are bullish on NOT long-term predicting the price could rise over 226% to $0.059854 by July 2024. Their current market conditions are bullish while fear and greed indexes show greedy market conditions.

Over the last 30 days Notcoin has seen 15 out of 30 green days with nearly 50% price volatility. Based on the bullish forecast from multiple analysts the current price levels may present a buying opportunity.