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Recently, the price of NOT, the native token of the popular touch-to-win game Notcoin, increased by 30% in the last 24 hours. This rise occurred after the token hit its two-month low of $0.0082 on August 5th. Amidst all this, market participants continue to research whether NOT’s price will keep rising. So, what is happening with NOT amidst these market price movements?
Notcoin Comments
Among the indicators that investors pay the most attention to is the long/short ratio. This ratio represents the proportion of long (buyers) to short (sellers) investors in the market. Through this ratio, one can understand the path investors are taking in the market.
When there is an increase in the long/short ratio, it indicates that the number of long positions has increased compared to short positions, showing that most investors are focused on a price rise. Conversely, a decrease in the ratio can indicate a potential price drop.
Data provided by Coinglass reveals that the ratio for NOT has increased, indicating that many investors are positioning themselves to profit from Notcoin’s ongoing upward movement.
Additionally, on-chain data provided by Santiment shows an increase in Open Interest (OI). The OI data reveals the total number of all open contracts in the market and fluctuates based on the positions opened.
When there is a decrease in OI, it indicates that more liquidity is being added to the market by participants, meaning they are expanding their positions. However, a potential decrease reflects an increase in position closures.
Recently, due to OI surpassing $220 million specifically for NOT, its price reached its highest level of $0.028.
How Much Will NOT Be Worth?
A general review shows that Notcoin is slowly moving away from a downward trend in its market structure. One of the indicators supporting this trend is the Cumulative Volume Delta (CVD).
Briefly, the CVD indicator represents the net difference between buying and selling volume in the spot market. If the CVD indicator is negative, as seen on August 5th, it indicates a high selling rate. However, as of the time of writing, the CVD has turned positive, showing that market participants are buying the dip.
If the buying volume continues to increase, the rise in the NOT token may continue. Increased buying pressure could raise NOT’s price from its current $0.0123 to $0.013. However, if another wave of decline occurs, the value could drop to $0.0085.
