Notcoin (NOT) Surges 9.91% as Team Burns $3 Million Tokens – Bullish Trend Ahead?

• Notcoin (NOT) has experienced a surge of 9.91% in the last 24 hours.
• The Notcoin team recently announced the burning of $3 million worth of NOT tokens.
• A credible source mentions that “Notcoin has implemented community-focused tokenomics with $4.2 million allocated for incentives to high-tier users.”

Discover the latest developments in Notcoin (NOT) as the team announces major updates, driving market enthusiasm and altering sentiment.

Notcoin’s Remarkable Token Burn and Community Engagement

Recent weeks have seen the crypto market exhibit extreme volatility, with Bitcoin hitting a monthly low at $60k. Amidst this chaos, Notcoin (NOT) has shown robust performance, marking significant price gains. The Notcoin team has further spurred excitement by sharing substantial updates with the community.

Via social media platform X, @thenotcoin disclosed that,

“Notcoin tokenomics is now extremely community-oriented. Notcoin worth $3M just burned from the emission. $4.2M will go as an incentive for Gold and Platinum users of Notcoin Explore.”

This strategic move not only strengthens the tokenomics but also places a vast majority of tokens in the hands of a diverse community. The team elaborated,

“As a result, 94.18% is in the hands of 11.5M people, including traders, miners, stakers, etc. 5.82% is in the treasury for the next years of development. With the community as a main stakeholder, the future seems bright.”

Further amplifying optimism, the team stated,

“$2.5B for Notcoin community.”

In interaction with a user on X, @trader_tg, the Notcoin team revealed,

“Notcoin airdrop is bigger than ZkSync and LayerZero combined.”

These developments have significantly enhanced Notcoin’s market position, potentially altering market sentiment and influencing future price trajectories.

Notcoin’s Fundamental Analysis Reveals Promising Signs

At the time of writing, Notcoin (NOT) is trading at $0.01572, marking a 9.91% increase over the last 24 hours. Coinmarketcap data indicates that TON’s market cap rose by 9.65%, reaching $1.6 billion.

According to COINOTAG’s detailed analysis, the token appears bullish. The current Simple Moving Average (SMA) for NOT is positioned below its trading price on daily charts, indicating higher buying pressure and increased asset demand. As buyers dominate, market sentiment remains positive.

Furthermore, the Relative Strength Index (RSI) stands at 51, slightly above the neutral zone, suggesting an uptick in buying pressure. In the past 24 hours, the RSI has shifted from 44 to 51, which signals a bullish market sentiment.

Open interest in Notcoin has also surged from $146 million to $171 million within the last 24 hours, as reported by Coinglass. This increase in open interest demonstrates new contracts being opened, signaling more capital influx and suggesting a strong, sustainable market trend.

Additionally, stability has been noted in Notcoin liquidation data for the past 24 hours, with long positions facing $410k in liquidations and short positions seeing $322k. However, a notable short squeeze occurred on the 25th, further driving buying pressure.

Is Notcoin Positioned for a Bullish Trend?

Notcoin (NOT) looks promising after retesting its support level around $0.0141. Should the positive sentiment continue and NOT close above $0.0161, its price could potentially target the $0.0208 level, with a lower range of $0.018 in the short term.

Conclusion

In summary, Notcoin (NOT) has demonstrated substantial growth potential and community engagement through recent strategic moves, including the token burn and incentives for high-tier users. This newfound momentum, supported by positive technical indicators and increased market activity, suggests a favorable outlook for Notcoin’s future. Investors and traders should keep a close watch as the token navigates potential bullish trends.