Notcoin price plunges 53.73% after launch despite exchange backing
High trading activity persists despite price decline (volume-to-mark cap ratio 202.97%)
Large circulating supply (102.7 billion tokens) contributes to price volatility
The recent launch of Notcoin (NOT), a gaming token designed to introduce users to the Web3 ecosystem, was marked by significant volatility. Within 24 hours of its highly anticipated airdrop, the token’s price nearly halved, underscoring the inherent risks associated with cryptocurrency investments, particularly following airdrop events.
Notcoin, positioned as a gaming token with the goal of introducing users to the Web3 ecosystem, encountered notable selling pressure right after its airdrop launch, leading to a significant drop in its value.
Despite endorsements from major exchanges like Binance, OKX, and Bybit, Notcoin experienced a rapid decline in value after its launch. The token initially traded with a fully diluted valuation (FDV) of $1 billion, but its price quickly dropped. While a trading frenzy in the first hour generated a volume of $294 million, this enthusiasm waned quickly as the price plummeted by 53.73% to $0.006688 within a single day.
Technical analysis reveals key support and resistance levels that will likely influence Notcoin’s future price trajectory. Currently, the $0.0060 mark serves as a critical support level, while the $0.0062 threshold offers secondary support. Conversely, resistance levels at $0.0080 and $0.0075 have proven difficult to overcome, indicating continued selling pressure.
Analyzing the market dynamics, it becomes evident that Notcoin is currently grappling with key support and resistance levels, which are instrumental in shaping its price trajectory. The $0.0060 mark emerges as a crucial support level, representing a psychological threshold where buying interest could potentially resurface. Moreover, the $0.0062 threshold has shown steadfastness over the short haul, acting as a secondary support amidst the continuous fluctuations in price.
On the flip side, significant resistance levels at $0.0080 and $0.0075 have proven to be tough obstacles for Notcoin to overcome, hindering its efforts to bounce back. The inability to surpass these resistance points highlights the dominant selling pressure on the token, obstructing any upward movement.
Although the price decline was substantial, Notcoin continues to experience relatively high trading activity. The volume-to-market cap ratio of 202.97% suggests ongoing interest in the token despite its volatile debut. This high ratio could also indicate speculation driving the trading activity.
The large circulating supply of 102.7 billion NOT tokens further contributes to the price volatility. With such abundance, even small changes in market sentiment can lead to significant price fluctuations, posing challenges for investors and traders.
The post High Volatility Woes: Notcoin Price Drops Despite Exchange Support appeared first on Coin Edition.
