Can Notcoins Soaring 55 within 24 Hours Continue to Rise by Another 35

CoinJieNet reports:
The Notcoin token has surged more than 55% in just 24 hours, with a public interest rate surge of 118%. According to technical analysis, if NOT shows a strong daily candle closing price above $0.017, it may surge by 35%.
After a period of significant downturn in the cryptocurrency market in the past few days, the entire market now seems to be recovering.
In this ongoing recovery, the recently listed Telegram-related Notcoin [NOT] has attracted great attention from investors and traders after a record-breaking 55% price surge, rising from $0.010 to $0.016 in just 24 hours.
Reasons behind the price surge of NOT
The potential reasons behind the significant price increase may be the continuous development of the platform and significant user engagement.
In addition to recent major updates, the community has also announced that Notcoin Explore will become a public platform for global Web 3 projects.
Furthermore, Notcoin recently announced that they have burned $3 million worth of NOT tokens and plan to distribute $4.2 million worth of tokens to incentivize Notcoin’s gold and platinum users.
These updates and the continuous support from users may be the reasons behind the 55% price surge.
Notcoin technical analysis and key levels
According to expert technical analysis, NOT appears to be bullish, approaching a strong resistance level at $0.016. Since June 19, NOT has attempted to break through the $0.016 level multiple times but has failed.
However, the recent significant surge may lead to a breakthrough of this resistance level.
If the closing price of the NOT token exceeds $0.017 within the daily timeframe, we may see a significant price surge of 35% or even more in the coming days.
Furthermore, the 24-hour open interest rate of the NOT token reflects strong interest and confidence from traders and investors, as it has already surged by more than 118%.
Will the recent growth be sustained?
However, there is still a question of whether the NOT token will sustain this massive price surge. The answer is clear, as long as user engagement and continuous development are maintained, the price is likely to continue.
According to data from on-chain analytics company CoinGlass, in this challenging situation, short sellers have liquidated a significant short position of $4.72 million in the past 24 hours.
During the same period, longs have liquidated nearly $2.23 million in long positions. This higher liquidity of short positions indicates that bulls have officially returned to Notcoin (NOT).
Reality check: the market capitalization of NOT in BTC terms
At the time of writing this article, the trading price of NOT is close to $0.016, experiencing a massive price surge of 55% in the past 24 hours. The trading volume during the same period has also surged by over 330%, reflecting the participation of renowned traders and investors in the NOT token.
If we look at the performance of NOT over a longer period, in the past seven days, despite the market’s continuous fluctuations, the token has risen by 11%.