- Notcoin (NOT) has seen a remarkable price surge as traders bet on its price decline when the market recovers.
As of this writing, NOT is trading at $0.0158, up 51.6% over the last day. With a $1.6 billion market capitalization, the asset is presently the 50th largest cryptocurrency.
Notcoin’s daily trade volume also surged by 307% to an astounding $1.1 billion.
Santiment’s research shows that in just one day, the total open interest in Notcoin rose from $115 million to $185 million, a 61% rise. High price volatility is often anticipated as a result of increased liquidations when an asset’s open interest unexpectedly rises.
Within the last day, the total financing rate gathered by NOT fell from 0.001% to negative 0.02%, according to data from the market intelligence platform. This fluctuation indicates that short trading positions have significantly increased the asset’s open interest.
In other words, there are a lot more trades now that are speculating on Notcoin’s decline in value.
In the last day, the Notcoin Relative Strength Index (RSI) increased from 52 to 62, according to data from Santiment. According to the indicator, NOT is marginally overbought at current price, and whales have a good chance of profiting in the near run.
Notcoin’s RSI must cool down below the 50 threshold in order for it to stay in the bullish zone.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
