Telegram-centric Notcoin (NOT) stands on the threshold of significant expansion, with expectations of doubling its market capitalization in the upcoming weeks. This buoyant forecast finds solid grounding in robust technical indicators and essential components, highlighted by the ecosystem’s recent token incineration event.
A hefty sum of 210 million NOT tokens, valued at $3 million, was swiftly wiped out by the Notcoin team on June 25, a move that promptly seized the attention of traders and propelled NOT’s price to a 16.40% surge, reaching $0.0164.
The foresighted Notcoin team unveiled intentions to allocate NOT tokens worth $4.2 million to select “Gold and Platinum users” of its innovative Explore initiative. This pioneering effort enables any project to contribute NOT to the Explore pool and formulate campaigns comprising tasks for users to earn NOT upon completion.
Both developments signal two fundamentally bullish scenarios. Token incinerations effectively eliminate a portion of a coin’s supply from circulation permanently, a strategy that theoretically leans bullish should the demand for the coins experience a simultaneous uptick. Likewise, users earning NOT for task completions ensure an enduring demand for the token as fresh projects and users gravitate towards the platform. These dynamics are pivotal elements in the four-year roadmap devised by Notcoin’s founder, Sasha Plotvinov.
In tandem with its Notcoin app, which showcases campaigns permitting users to accumulate Notcoin through interaction with novel Telegram games, the Notcoin project strives to position the app as a central nucleus for launching other ecosystem ventures, fostering demand for Notcoin and integrating token incineration practices.
Analyzing Notcoin’s technical landscape reveals a potential for a 100% price rally. Observations gleaned from price chart technicals suggest that NOT’s current price surge is part of a broader recovery post its flirtation with the lower trendline of a descending wedge pattern.
Descending wedges, recognized as bullish reversal formations, are characterized by two converging, downward-sloping trendlines. Typically, these patterns culminate with a price break above the upper trendline, leading to an ascension of the price by a margin equivalent to the maximum separation between the upper and lower trendline.
Applying these technical tenets to Notcoin’s encouraging trajectory, projections for July posit a range between $0.023 and $0.031, signifying an upswing of 45% to 100% from prevailing price levels, contingent upon the breakout moment.
Conversely, a breach beneath the lower trendline of the wedge in question jeopardizes the bullish reversal setup, potentially redirecting NOT’s price down to $0.011, a support threshold visible from May 31 to June 1.
This publication serves informational purposes solely and does not offer investment counsel or directives. Each investment and trading action carries inherent risks, prompting readers to engage in thorough research prior to shaping decisions.