Notcoin (NOT) has experienced a significant price rally as the market recovers, despite traders betting on its price decline. NOT has surged by 51.6% in the past 24 hours and is currently trading at $0.0158. The asset’s market cap stands at $1.6 billion, ranking it as the 50th-largest cryptocurrency.

Furthermore, Notcoin’s daily trading volume soared by 307%, reaching $1.1 billion. This notable increase indicates heightened interest and activity around the asset.

According to data provided by Santiment, the Notcoin total open interest increased by 61% over the past day — rising from $115 million to $185 million.

When open interest in an asset suddenly rises, it typically signals potential high price volatility due to increased liquidations. Data from the market intelligence platform shows that the total funding rate for NOT fell from 0.001% to negative 0.02% in the past 24 hours. This trend indicates a significant increase in short trading positions, suggesting more trades are betting on Notcoin’s price fall.

The Relative Strength Index (RSI) for Notcoin surged from 52 to 62 over the past day, indicating that NOT is slightly overbought at its current price. This raises the potential for whales to take short-term profits. For Notcoin to maintain its bullish position, its RSI needs to drop below the 50 mark.

Stay informed on the latest cryptocurrency news and updates on Global Crypto News.

Post Views: 4