Gaming cryptocurrency Notcoin sharpens its rise. How far would its price go?

The price of the notcoin gaming token (NOT) has seen a 40% rise in the last 24 hours to $0.012 (USD). With this movement, it is once again established as the best performing crypto asset in this period of the top hundred, just as it has done on other days of the week.

NOT has increased more than 130% in the last seven days, which also maintains it as the crypto asset with the highest rise in this period. This is within the ranking of the hundred with the highest market capitalization.

This token, which has only been on the market for two weeks since its launch, has become the 73rd most capitalized crypto asset, according to CoinMarketCap. In this way, it is not only standing out for its price increase, but also for the relevance it has taken among the largest assets.

NOT’s rise to $0.012 represents a new all-time high on some exchanges like OKX and Bybit. However, in several such as Binance and Bitget, it has not yet exceeded the level of USD 0.035 that it reached on launch day.

In this sense, if demand remains strong, the market objective could be to go for USD 0.035. Although this would imply a rise of almost 200% from the peak marked today, which requires great purchasing power to generate a slightly greater rise seen in the last week.

In the bullish trend that the token has maintained in the last week, it registered daily increases that are mainly around 25%. Therefore, This percentage increase may be a psychological objective that the bulls seek of NOT.

Currently, according to CoinMarketCap, the total supply of the token, which is 102.719 million NOT, is in circulation. This It is a positive factor for the market, since it means that there will be no new incoming supplyas happens with other crypto assets.

In any case, the performance of the token, at the end of the day, depends on the adoption that the Notcoin game may have. At the moment, it has stood out for attracting more than 35 million users, as reported by CriptoNoticias.

What attracts users to the game is that it allows you to earn NOT in exchange for touching the screen and completing missions such as following the platform’s social networks. In addition, it works within Telegram, one of the largest mobile messaging applications, which makes it easier to reach a massive number of users.

As reported by CriptoNoticias, the number of users that Notcoin has represents just 3% of those on Telegram. Therefore, still has the possibility of winning more players that drive demand for the token. Although, for that, Open Builders, the team behind the game, should continue to carry out initiatives that attract adoption.

This may also depend on bitcoin (BTC) continuing in a bull market, motivating the adoption of cryptocurrency applications and tokens. In the last week, with the approval of Ethereum exchange-traded funds (ETFs) in the United States, demand rebounded, generating expectations of new all-time highs for BTC.

To put it in perspective, during the previous bitcoin bull market, in 2021, Axie Infinity, the game to earn the AXS token, gained widespread popularity. This led to the price of said crypto asset registering an increase of more than 3,000% that year to USD 165, a level of which it is 95% below now.

The market capitalization of the Axie Infinity token reached $9.7 billion when it reached its all-time high price in November 2021. If NOT were to have a capitalization of such magnitude, then its price would become USD 0.097. A rise to such a price would mean an increase of 700% from its peak today.

NOT shows overbought levels

According to the relative strength index (RSI), a metric that measures the momentum of price movements, NOT has been overvalued for two days. This is because it is above the 70 level, as seen below, which indicates that it is at overbought levels and could sense a pullback.

Something to keep in mind about this is that many may be attracted to the Notcoin game to take profits as soon as they receive the token. This would involve supply pressure in the market that can push the price back, unless it is counteracted by demand.

Demand not only depends on players obtaining tokens and holding them long-term, but also on those traders who buy it directly. The crypto asset has been listed on different exchanges, including Binance, OKX and CoinEx, motivated by the great traction of users it has obtained.

In this sense, the market may be driven by the demand of traders seeking to generate profits in anticipation of greater adoption. Although it is essential to know that This type of strategy can sometimes be for a short time. to exit the market before a massive wave of sales that generates a crash.

“A lot of people you see shouting bullish outlooks today will hold it until it’s worth zero,” a trader on social network X known as “El Patron” considered NOT. According to his vision, experienced ones who leave after a big rise enter these types of markets, so those who stay could find themselves in a difficult situation.

Considering these types of practices, it is crucial to consider the risks associated with trading cryptoassets like NOT, in addition to its potential bullish path.