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Top 5 Reasons Fueling Notcoin (NOT) Price Rally
Notcoin (NOT), a cryptocurrency built on the TON blockchain, has recently caught attention across the broader crypto industry. The token has embarked on a bull run, as illustrated by gains of over 30% on its monthly chart. This price rise can be mainly attributed to a stock of bullish factors. Here is a detailed report on it:
5 reasons behind Notcoin (NOT) price surge
Binance and Coinbase extend support
Notably, the world’s leading crypto trading platforms Binance and Coinbase recently announced their unwavering support for Notcoin. CEXs will further expand support by adding new trading pairs for the token on their platforms.
Binance Expanded Its Trading Offerings by Introducing New Trading Pair NO/BRL, Brazilian Real (BRL), offering greater exposure to the user. Additionally, Coinbase International Exchange revealed plans to launch perpetual Notcoin futures (NON-PERP) from June 20th.
NO Spikes in futures open interest
Meanwhile, data from Coinglass highlights a significant increase in NOT Futures OI since the beginning of June, reaching $247.06 million today. This highlights the presence of a substantial flow of money and investor interest in the asset, emerging in conjunction with the recent rise in prices.
Market technicians show optimistic presence
Simultaneously, technical data and market indicators signaled a strong prevailing buying sentiment for the asset. The RSI, a key indicator of market sentiment, hovered around 61, underlining the presence of upward pressure on Notcoin.
Additional purchases can NOT proceed as the RSI has not yet reached overbought territory, after which the token price can recover. However, the current market picture remains optimistic.
Read too: Shiba Inu Coin: Top 3 Reasons Why SHIB Is Poised for a Rally
Notcoin gains popularity
Furthermore, Notcoin recently marked a significant milestone, boasting 40 million active users. This was followed by the growing popularity of ‘Tap-to-Earn’ games in Telegram. Crypto market participants expect additional gains in the asset’s price in line with increased adoption of the project.
Furthermore, the TON blockchain, powered by Telegram’s 900 million user base, has seen active addresses on the network surpass those of Ethereum.
DOES NOT imitate a broader trend
NOT follows TON, the native token of the TON blockchain, reflecting an uptrend. TON has gained nearly 15% over the past month, while NOT is up 36% during the same period. This price increase is 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.
Read too: 8 Cryptocurrencies to Avoid Trading This Week as Token Unlocks Horizon