Notcoin surges 84% in one week
The digital currency known as NOT, which fuels the play-to-earn clicker game activity on the Telegram platform through Notcoin, is on track to amplify its weekly advancements.
Currently, the digital asset is trading at $0.02. Data from CoinMarketCap reveals a remarkable 84% increase in its worth over the past seven days.
Given the strong technical signals indicating growing appetite for this cryptocurrency, a surge to unprecedented highs could be on the horizon.
The drive behind NOT’s surge shows no signs of slowing
Despite recent instances of profit-taking, momentum indicators for NOT are holding well above the equilibrium mark of 50.
As of the latest updates, the cryptocurrency’s Relative Strength Index (RSI) stands at 76.73, with its Money Flow Index at 77.
Such metrics highlight that the demand for NOT is outpacing supply substantially.
It's critical, however, to acknowledge that the current RSI levels suggest NOT is in overbought territory, hinting at a potential downward price adjustment. Overbought status typically leads to buyer fatigue, followed by a price decline.
Even with the possibility of a minor price dip looming, the sentiment among NOT enthusiasts remains overwhelmingly positive. This is illustrated by the Elder-Ray Index, which currently reads 0.012.
This index evaluates the market dynamics between buyers and sellers. A positive reading indicates the market is predominantly bullish.
Moreover, the altcoin showcases a stronger upward trend, with its positive directional index at 45.96, surpassing its negative counterpart, which stands at 6.2. This implies that even amid some degree of selling, the trend leans heavily upward.
The Chaikin Money Flow (CMF) for NOT, sitting at 0.20, indicates a robust influx of capital into the market.
A reassuring CMF value implies a bullish sentiment, reflecting increased demand and inward capital flow for the currency.
In the futures market sphere of NOT, open interest metrics are setting new records. Data from Coinglass shows current levels at a peak of $284 million, indicating a strong, engaged, and growing trading interest.
The measure of open interest in futures serves as a key indicator of the number of active contracts or positions yet to be settled, highlighting burgeoning participant engagement when it escalates in this manner.
