Telegram-linked Notcoin (NOT) eyes 100% price rally after 210M NOT token burn
A price reversal of Notcoin will likely occur within the next few weeks, supported by its efforts to increase its user base. Telegram-based Notcoin (NOT) is expected to double its market valuation in the coming weeks. This upbeat view is bolstered by strong technical indicators and fundamental considerations, including the ecosystem’s recent token burn.
Notcoin burns 210 million NOT in a day
On June 25, the Notcoin team reported that it had burned 210 million NOT tokens worth $3 million in one day, which piqued traders’ interest and caused NOT’s price to rise by up to 16.40% to $0.0164. The Notcoin team announced intentions to offer $4.2 million in NOT coins to “Gold and Platinum users” of its Explore project. This initiative enables any project to donate NOT to the Explore pool and develop campaigns with tasks for users to earn NOT upon completion. Both updates suggest two fundamentally positive prospects. For example, token burns permanently remove a portion of a coin’s supply from active circulation, which is a theoretically positive approach if demand for the currencies rises concurrently.
Similarly, users earning NOT for work completion ensure that the token remains in demand as new projects and users join the site. Both characteristics are crucial to Notcoin founder Sasha Plotvinov’s four-year plan for the project.
The Notcoin project is presently focused on its Notcoin app, which includes campaigns that allow users to win Notcoin by participating in new Telegram games. The goal is to make the app a key point for launching other ecosystem projects, increasing demand for Notcoin, and including token burns.
Notcoin technical analysis: A 100% price rally potential
Price chart technicals indicate that NOT’s current price rise is part of a larger rebound after the token tested the bottom trendline of its dominant falling wedge pattern. Falling wedges are bullish reversal patterns with two converging, downward-sloping trendlines. Typically, they resolve when the price breaks above the upper trendline and rises by the maximum distance between the upper and lower trendlines. Applying the same basic ideas to NOT’s bullish scenario, the upside objective for July is between $0.023 and $0.031, which is 45%-100% higher than current price levels, depending on the breakout point.