Introduction to NotCoin ( $NOT )
NotCoin (NOT) began as a viral Telegram game, leveraging a tap-to-earn mining mechanic to onboard users into Web3. This unique approach allowed NotCoin to quickly capture the attention of millions of players, boasting over 35 million total users and peaking at six million daily active users, making it one of the largest gaming tokens on the market (CoinMarketCap) (CoinCodex).
Sector Classification
Gaming Sector: Given its origins and primary user engagement through a game on the Telegram platform, NotCoin firmly falls within the gaming sector. The tap-to-earn model is highly engaging, encouraging users to participate actively and earn rewards through gameplay.
Real World Assets (RWA): Although NotCoin has strong gaming roots, it could also touch upon the RWA sector if it integrates more functionalities allowing users to interact with real-world assets via its platform.
Token Utility
The NOT token serves multiple purposes within the ecosystem:
Community Engagement: Users earn rewards by participating in the ecosystem through various activities, such as discovering Web3 products, playing games, and contributing value.
Trading: The token is traded on major exchanges like Binance and KuCoin, adding to its liquidity and market presence.
Governance: NOT also plays a role in the governance of the platform, enabling holders to influence key decisions (CoinGecko) (Decrypt).
Technical Analysis of NotCoin (NOT)
Date of Analysis: June 16, 2024
After a correction from June 4 to June 11, NotCoin (NOT) has resumed an upward trend since June 12. Here are the detailed technical observations:
8-Hour Chart:
Ichimoku Cloud: NotCoin is currently traversing its Ichimoku cloud. It has taken support from the SSB and is moving higher, confirming a medium-term bullish trend.
4-Hour Chart:
Tenkan and Kijun Cross: Since June 14, the Tenkan line has crossed above the Kijun line, which is a positive sign.
Cloud Resistance: Prices are attempting to break through the Ichimoku cloud but face significant resistance at the SSB. This breakout may not happen immediately but could occur by tomorrow, given the current buying pressure and weekend volume effects.
Fibonacci Retracement:
The price is currently seeking support at the 0.5 Fibonacci retracement level. The next levels to watch are the 0.382 Fibonacci retracement and the SSB at 0.020377. If these levels are breached and hold as new support, it is likely that the token will continue its upward trajectory and retest the ATH from June 4.
Volume and Market Sentiment:
The current buying pressure has decreased, and with lower weekend trading volumes, prices might range sideways before a significant move occurs.
Conclusion
NotCoin is at a critical juncture. The 0.5 Fibonacci retracement level is currently a key support, and the token is aiming to break through the 0.382 Fibonacci retracement level and the SSB at 0.020377. The Ichimoku cloud analysis indicates indecision, with a possibility for a bullish reversal if prices break above the cloud. However, caution is advised due to current resistance levels and low trading volumes. Monitoring these key levels closely will be crucial in determining the next price movements.
