🌎 Notcoin Soars 28.6% Amid Bearish Crypto Market

Notcoin (NOT) has emerged as the top gainer among the leading 100 cryptocurrencies, even as the broader crypto market experiences bearish momentum. NOT is up by 28.6% in the past 24 hours, trading at $0.011 at the time of writing. The asset’s market cap is currently $1.23 billion, making it the 72nd-largest cryptocurrency. However, Notcoin’s daily trading volume has decreased by 4%, dropping to $1.14 billion.

According to data, the Notcoin Relative Strength Index (RSI) is currently hovering at the 83 mark. This indicates that Notcoin is overbought and suggests a possibility of whale price manipulation. For NOT to secure a gradual price hike, its RSI would need to cool down below the 50 mark.

The market has slipped into a consolidation phase, marked by range-bound movements, as Bitcoin (BTC) struggles to hold above the $68,000 price territory. As market uncertainty prevails, crypto assets such as Shiba Inu (SHIB) and Pepe (PEPE) are seeing significant price declines.

The latest NOT rally comes shortly after the crypto asset witnessed a price plunge due to large-scale selloffs from airdrop recipients who looked to cash in on their allocations. The Notcoin team airdropped 80 billion tokens on May 16, leading to its launch. Upon launch, NOT secured listings on leading crypto exchanges, including Binance, Bybit, and MEXC. However, this led to a 55% collapse of the token shortly after its debut, as airdrop recipients had sufficient liquid venues to liquidate their holdings.

The bears maintained this downtrend for over a week, eventually leading to a low of $0.004583 on May 24. Nonetheless, this floor price served as a precursor to NOT’s recovery push. On May 28, Notcoin surged 58% to retest the $0.01 price territory following a community poll that saw proponents choose it over Bitcoin.