The crypto space has a new star on the rise, Notcoin (NOT). Launched just over two weeks ago on May 16th, 2024, the NOT token hit major exchanges like OKX, MEXC and KuCoin, instantly catching traders’ attention. NOT is primarily associated with the TON blockchain and the community can mine Notcoin through a game on the Telegram platform, where they “mine” by clicking on an animated coin icon.

At the time of writing, Notcoin is trading at $0.0120, up an incredible 152.94% over the last 7 days despite a drop of 4.67% in the last 24 hours alone. Its market cap now stands at $1.2 billion, making it the 73rd largest crypto asset by that metric. Perhaps more impressively, its 24 hour trading volume of slightly above $1.1 billion makes it the 12th most traded crypto asset.

NOTUSD Price Chart: CoinMarketCap

After a volatile start that saw it surge to at $0.009900 on OKX  on May 16th before crashing to $0.004500 just 8 days later, Notcoin has embarked on an impressive uptrend. The token broke out past past its recent high of $0.009900 on May 30th, setting a new record of $0.013290.

What Does the On-Chain Metrics Have to Tell?

The on-chain data points to Notcoin’s rising momentum and popularity. Its growing futures open interest indicates new money is flowing into NOT derivatives contracts, a bullish signal. 

Source: Coinglass

Meanwhile, some metrics show reasons for cautious optimism in the short term as shown on the Santiment chart. Social Volume on the network has dropped in recent days. This is a metric that tracks the mentions of Notcoin across various social media platforms potentially gauging market sentiment and signaling reduced interest and trading activity.

Source: Santiment

Looking further into the technical indicators on the 4 hour chart, Notcoin’s technical indicators are flashing bright green across the board. The 4-hour RSI is currently at 69, having dropped from an extremely overbought region as the bulls take a breather. However, the MACD remains heavily bullish, with the MACD line well above the signal line and the histogram extending upwards away from the zero line. 

Notusd 4-Hour Chart: TradingView

Widened Bollinger Bands also demonstrate the volatile conditions Notcoin is currently trading in at the moment. If the correction continues further below, the first support could come at the previous $0.00990 breakout resistance level that now will act as support.

Source: TradingView

Overall, the technical momentum remains firmly leaned in favor of the bulls. This close to overbought RSI reading could foreshadow a healthy pullback to the immediate support level, but the trend remains unquestionably bulish for now.

As the crypto space buzzes about this newly introduced and latest rising star, all eyes are on Notcoin to see if it can sustain this remarkable bull run for long. The on-chain and technical tea leaves seem to be lining up in its favor, but only time will tell if the upstart token can join the ranks of crypto’s elite.