Notcoin (NOT) price experienced a significant surge of 600% after being listed on exchanges Binance and OKX on May 16. The game embedded in Telegram, which allows users to mine or earn the NOT token, already had a substantial player base of 35 million users by March 2024. The listing announcement sparked increased liquidity and investor participation, leading to a surge in trading volume. Within 24 hours of being listed, Notcoin attracted over $1.2 billion in trading volume and experienced a 600% price rally from $0.001 to $0.0099.
Despite the initial rally, it may not be too late to buy Notcoin. The trading volume to market cap (TVMC) ratio is currently at 37%, indicating that there is still significant trading activity relative to the market capitalization. This suggests that Notcoin is experiencing high investor interest. However, future market trends, ecosystem development, and new listings on other exchanges will play a role in determining whether Notcoin remains bullish or becomes bearish in the coming days.
As of May 20, the Notcoin price has retraced towards the $0.0056 level, losing over 44% of its initial gains. However, with the TVMC ratio still in bullish territories, it is expected that the price will hold firm above the $0.0050 support level in the near-term. The hourly Bollinger band on TradingView indicates that early entrants had bought Notcoin at an average price of $0.005, potentially forming a significant support cluster. Investors are now eagerly awaiting the Coinbase listing, which could further propel the NOT token into American markets. In the event of another price increase, bears could present initial resistance at the $0.006 territory.