Notcoin’s recent 210M token burn boosted its price by 16.4%, hitting $0.0164, driving market optimism.
The $4.2M Explore initiative ensures continuous demand for NOT, supporting a bullish outlook.
Technical analysis suggests a potential 100% price rally if NOT breaks above its falling wedge pattern.
The Notcoin (NOT) team declared the destruction of 210 million NOT tokens, worth $3 million, on June 25. This strategic choice was implemented to reduce the amount of tokens available in the market. Consequently, NOT’s value rose by as much as 16.40%, hitting $0.0164. This burn captured traders’ attention, contributing to the optimism surrounding Notcoin’s market prospects.
Notcoin Tokenomics is now extremely community oriented.Notcoin worth $3M just burned from the emission $4.2M will go as incentive for Gold and Platinum users of Notcoin Explore (thank you guys) pic.twitter.com/70vXTWk5YE
— Notcoin Ø (@thenotcoin) June 25, 2024
Explore Initiative to Drive Demand
In addition to the token burn, Notcoin revealed plans to distribute $4.2 million worth of NOT tokens to “Gold and Platinum users” of its Explore initiative. This initiative enables any project to contribute NOT to the Explore pool and create campaigns with tasks for users.
Upon task completion, users earn NOT, ensuring continuous demand for the token. These activities align with the four-year roadmap laid out by Notcoin’s founder, Sasha, aimed at growing the platform’s user base and market value
Technical Analysis Indicates Bullish Trends
The recent price rally is part of a broader rebound for NOT. The token has been testing the lower trendline of a falling wedge pattern, a bullish reversal indicator.
Should the price NOT break above the upper trendline, it may increase by 45% to 100%, aiming for a range of $0.023 to $0.031. However, if NOT falls below the wedge’s lower trendline, the price might drop to $0.011, a support level observed in late May and early June.
The combined impact of the token burn and the Explore initiative underscores a fundamentally bullish outlook for Notcoin. As more users join the platform and engage in tasks, the demand for NOT is expected to increase. These elements, along with strong technical indicators, suggest that NOT is on the path to a potential 100% price rally in the coming weeks.
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The post Notcoin Forecasts 100% Price Rally with Token Burn and User Drive appeared first on Crypto News Land.
