NOT rallies 28% in 24 hours despite market-wide downturn

Notcoin (NOT) has emerged as the top gainer among the leading 100 cryptocurrencies while the broader crypto market is witnessing bearish momentum.

NOT is up by 28.6% in the past 24 hours and is trading at $0.011 at the time of writing. The asset’s market cap is currently sitting at $1.23 billion, making it the 72nd-largest cryptocurrency. Notcoin’s daily trading volume decreased by 4%, dropping to $1.14 billion.

According to data provided by Santiment, the NOT Relative Strength Index (RSI) is currently hovering at the 83 mark. The indicator shows that Notcoin is overbought at this point and even there’s a possibility of whale price manipulation.

For NOT to secure its gradual price hike, its RSI would need to cool down below the 50 mark.

Notably, the market has slipped into a consolidation phase, marked by range-bound movements, as Bitcoin (BTC) struggles to hold above the $68,000 price territory. As market uncertainty prevails, crypto assets such as Shiba Inu (SHIB) and Pepe (PEPE) are seeing massive price declines.

The latest NOT rally comes shortly after the crypto asset witnessed a price plunge on the back of large-scale selloffs from airdrop recipients who looked to cash in on their allocations. According to a report by crypto.news, the Notcoin team airdropped 80 billion tokens on May 16, culminating in its launch.

Upon launch, NOT secured listings on leading crypto exchanges, including Binance, Bybit and MEXC. However, this feat was its undoing, as airdrop recipients had sufficient liquid venues to liquidate their holdings, causing the token to collapse 55% shortly after the debut.

The bears retained this downtrend for over a week, eventually leading to a low of $0.004583 on May 24. Nonetheless, this floor price served as a precursor to NOT’s recovery push.

On May 28, Notcoin surged 58% to retest the $0.01 price territory following a community poll that saw proponents choose it over Bitcoin.