Notcoin (NOT), a cryptocurrency built atop the TON blockchain, has recently turned heads across the broader crypto industry. The token has embarked upon a bull run, as illustrated by over 30% gains in its monthly chart. This price rally comes primarily attributable to a stockpile of bullish factors. Here’s an in-depth report on it:

5 Reasons Behind Notcoin (NOT) Price Rally

Binance & Coinbase Extend Support

Notably, the world’s leading crypto trading platforms, Binance and Coinbase, have recently announced their unwavering support for Notcoin. The CEXs will further extend support by adding new trading pairs for the token on their platforms.

Binance expanded its trade offerings by introducing the new trading pair NOT/BRL, Brazil Real (BRL), offering increased user exposure. Further, Coinbase International Exchange revealed plans to roll out Notcoin perpetual futures (NOT-PERP) starting June 20.

NOT Futures Open Interest Spikes

Meanwhile, Coinglass data highlights a significant uptick in NOT Futures OI since the beginning of June, reaching $247.06 million today. This underscores the presence of substantial money inflow and investor interest in the asset, emerging in tandem with the recent price rally.

Market Technicals Show Bullish Presence

Simultaneously, market technicals and indicators flagged a strong buying sentiment prevailing for the asset. The RSI, a key indicator of market sentiment, loomed around 61, underlining the presence of upside pressure on Notcoin.

Additional buying could pump NOT ahead, as the RSI has yet to reach overbought territory, after which the token’s price may rebound. Nonetheless, the current market picture remains bullish.

Also Read: Shiba Inu Coin: Top 3 Reasons Why SHIB Is Primed For A Rally

Notcoin Gains Popularity

Moreover, Notcoin recently marked a significant milestone, boasting 40 million active users. This was followed by the burgeoning popularity of the ‘ Tap-to-Earn’ games on Telegram. Crypto market participants expect further gains in the asset’s price, falling in line with this increased project adoption.

Also, the TON blockchain, fueled by Telegram’s 900M user base, caused active addresses on the network to surpass that of Ethereum’s.

NOT Mimics Broader Trend

NOT follows TON, the native token of the TON blockchain, mirroring an uptrend. TON gained nearly 15% over the past month, whereas NOT rallied 36% during the same period. This price rally falls in line with the growing adoption of Telegram, as also mentioned above.

Meanwhile, NOT traded at $0.0198, with its 24-hour lows and highs being $0.01892 and $0.02146, respectively.

Also Read: 8 Cryptocurrencies To Avoid Trading This Week As Token Unlocks Loom

The post 5 Key Reasons Fueling Notcoin (NOT) Price Rally appeared first on CoinGape.

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Filed under: News - @ June 15, 2024 1:18 pm