Notcoin is down 14% today amid its first wave of adversity since launching in May.
However, the new Play-to-Earn cryptocurrency PlayDoge continues to prevail as its presale total raise surpasses $4.6 million.
Notcoin Dumps Amid Crypto’s Mass Liquidations
Deep liquidations have hit the cryptocurrency market, and Notcoin has endured intense selling pressure as a result.
Bears have taken the driver’s seat. Coinglass reports over $400 million has been wiped out in longs over the past 24 hours, compared to just $50 million in shorts.
And what’s more concerning is that over $200 million of those long liquidations have happened in the last four hours.
This capitulation results from suboptimal macroeconomic conditions, echoed by last week’s U.S. Federal Open Markets Committee meeting.
The committee opted to pause interest rates despite the market hoping for a cut.
However, the disappointment has been exasperated by Bitcoin ETF outflows, with issuers pulling $580 million from the market last week.
Good morning,Yesterday's ETF flows was negative for a 4th time this week for $189.9 million of outflows, the weekly total is $580.6 million of outflows. GBTC had $52.3 million of outflows, Fidelity $80.1 million and Ark $49 million.The price dumped further from $67k to $65k… pic.twitter.com/medpClEyPa
— WhalePanda (@WhalePanda) June 15, 2024
London-based investment management company Farside Investors reports that $145 million of outflows occurred on Monday, suggesting the pattern may continue this week.
As such, the crypto market cap is down 2.8% today, reflecting a de-risking from the poor market conditions. However, Notcoin’s 14% retracement reflects its higher perceived risk.
Nevertheless, NOT remains firm on a higher time frame outlook. Its price is down just 2% this week and at a 134% premium this month.
That said, prominent analyst Crypto Patel anticipates a deeper retracement before an uptrend continuation can occur.
The analyst noticed a deviation between its price and the CVD (Cumulative Volume Delta) indicator, which provides a bearish outlook.
Crypto Patel published the analysis on Monday, and NOT has already reached the first price target of $0.0165. Should its momentum continue, the analyst predicts a move toward $0.0125. This equates to a 21% drawdown from its current price.
🚨 $NOT Market Alert 🚨Price is currently rising while CVD (Cumulative Volume Delta) and open interest are declining—a potential signal for a downside move.Key Levels: ▪️ Primary Downside Target: $0.0165▪️ Secondary Downside Target: $0.0125Invalidation: Sustained price… pic.twitter.com/9pm6xqhd7E
— Crypto Patel (@CryptoPatel) June 16, 2024
But while Notcoin and the broader crypto market are in turmoil, the new P2E cryptocurrency PlayDoge has steamed forward unfazed.
The project is currently in its presale, where it has raised over $4.6 million in just three weeks.
PlayDoge Raises $4.6M as Other Prices Crash – Next 100X Cryptocurrency?
Outperformers generally continue to outperform, and that’s good news for PlayDoge, with its success ramping up despite the adverse market conditions.
Drawing inspiration from the hit 1990s Tamagotchi game, PlayDoge is a doge-themed reboot with real crypto rewards.
While its use case taps into the nostalgic appeal of Tamagotchi, which sold 82 million units, PlayDoge also speaks to meme coin and P2E enthusiasts. So it’s clear why the presale is so popular.
The game’s concept is simple: users look after a virtual pet like they would a real pet.
Provided the pet is happy and healthy, users earn XP that pushes them up the in-game leaderboard – and the higher they go, the more $PLAY they’ll earn.
$PLAY is the game’s native utility token for staking and making in-game purchases. Gamers must also hold the token to receive rewards.
This blend of captivating use case and inherent token utility has drawn leading industry analysts, with ClayBro suggesting $PLAY could “see major gains.”
Currently, investors can buy the token for $0.00509.
The presale follows a multi-tiered pricing system, with incremental price hikes built-in. The next will occur in just eight hours.
As such, those seeking the best price must not wait around.
Visit PlayDoge Presale
