Notcoin (NOT) had a successful launch just two days ago, rapidly achieving a market capitalization of $700 million within hours of its debut. The cryptocurrency’s meteoric rise continued, and as of yesterday, it was still up by 700%, according to data from the Binance exchange. However, the euphoria was short-lived as selling pressure mounted, with investors eagerly taking profits from the astronomical gains.
Despite the initial sell-off, Notcoin has exhibited remarkable strength, successfully defending a crucial support level. One analyst, Web3_Vibes, has identified a potential obstacle that could derail Notcoin’s anticipated price rally.
In a tweet, Web3_Vibes highlighted that Notcoin has successfully maintained its position above the crucial support level of $0.0062. After a period of sideways trading, the digital asset decisively broke through the $0.007 resistance, signaling a potential shift in market sentiment.
“Notcoin looks strong,” Web3_Vibes stated. “It was able to stay above the support level of $0.0062, and after a long flat movement, broke through the $0.007 level.” The analyst further noted that the primary wave of selling pressure appears to have subsided, with most traders now anticipating higher prices.
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Bitcoin Price and The Open Network Ecosystem Determine NOT Trajectory
However, the fate of Notcoin’s rally may be intrinsically tied to the performance of the broader cryptocurrency market, particularly the movements of Bitcoin (BTC) and Toncoin (TON). Historically, altcoins have often followed the lead of Bitcoin, the largest and most influential cryptocurrency by market capitalization.
When Bitcoin experiences significant price surges, it has traditionally acted as a catalyst for broader market rallies, lifting the values of other cryptocurrencies. Conversely, sharp declines in Bitcoin’s price have frequently triggered sell-offs across the altcoin market, as traders seek to mitigate potential losses.
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In addition to Bitcoin’s influence, Web3_Vibes highlighted the potential impact of Toncoin (TON) on Notcoin’s trajectory. Toncoin, a prominent cryptocurrency project, has garnered substantial attention and investor interest, potentially affecting the dynamics of the altcoin market.
“Unless there is a sharp decline in the price of BTC or TON, I expect further slow growth,” Web3_Vibes cautioned, emphasizing the importance of monitoring the performance of these influential cryptocurrencies.
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The post Notcoin (NOT) Crypto Displays Strength as Crucial Support Holds, Analyst Reveals One Thing That Can Delay Price Rally appeared first on CaptainAltcoin.