Notcoin (NOT) Eyes Doubling Market Cap, Backed by Token Burn and Explore Initiative
Summary:
Notcoin (NOT), a Telegram-based cryptocurrency, expects a substantial increase in its market capitalization, potentially doubling within weeks, supported by firm technical indicators and key fundamental factors. The recent burning of 210 million NOT tokens has kindled this optimism. The Notcoin team plans to distribute NOT tokens worth $4.2 million through their Explore initiative. The ongoing surge in NOT's price is part of a larger rebound that's believed to be a bullish reversal, with a July target as high as $0.023 to $0.0031, marking a potential 45-100% increase. However, a potential break below the lower trendline of the wedge risks invalidating this bullish scenario.
Notcoin (NOT), a cryptocurrency based on the Telegram platform, is expected to see a considerable boost in its market capitalization, which may potentially double in the coming weeks due to strong technical indicators and important fundamental factors. The ecosystem's recent token burn indicates an encouraging outlook.
On June 25, it was announced that the Notcoin team burned a total of 210 million NOT tokens in one day, equivalent to $3 million. This dynamic shift garnered the attention of traders and encouraged a surge in the price of NOT, pushing it up to $0.0164, marking a 16.40% increase.
Moreover, the Notcoin team is planning to allocate NOT tokens worth $4.2 million to the Gold and Platinum members participating in its Explore initiative. The Explore program allows various projects to add NOT to the reward pool and set up campaigns with tasks. Users then have the opportunity to earn NOT by completing these tasks.
These recent developments point towards two fundamentally strong prospects. For one, token burns irreversibly reduce the amount of a coin's supply that is actively traded. This is generally viewed as a positive strategy, particularly if the demand for the said cryptocurrency rises concurrently. On the other hand, offering NOT as a reward ensures a constant demand as new projects and users join the platform. Both these strategies are key to Notcoin founder Sasha's four-year vision for the project.
Currently, the focus is on the Notcoin app, which features campaigns that allow users to earn Notcoin by participating in new Telegram games. The goal is to make the app a central platform for launching other projects within the ecosystem, thereby increasing the demand for Notcoin and facilitating more token burns.
Technicals on the NOT price chart indicate that the ongoing surge in NOT price is part of a larger rebound following a test on the lower trendline of its ongoing falling wedge pattern. Falling wedges, seen as bullish reversal patterns, are usually marked by two converging trendlines, sloping downwards. The pattern typically resolves when the price breaks above the upper trendline and rises by a margin equivalent to the maximum distance between the two trendlines.
By applying these technical principles to NOT's bullish position, the upward target for July is estimated between $0.023 and $0.0031, marking a rise of 45-100% from the current price, upon validating the breakout point.
However, the bearish scenario implies a break below the lower trendline of the wedge, which might nullify the bullish reversal setup and could potentially push the NOT price towards the support level of $0.011 observed between May 31 to June 1.
This news piece is void of any investment advice or recommendations. Investment and trading entail risks and should not be undertaken without conducting personal research and assessment of the decision.
Published At
6/26/2024 4:54:22 PM
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