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Notcoin Rises 22% Today Despite The Market Slump — Telegram Tap-to-Earn Game Getting User Excited

Last Updated May 30, 2024 12:09 PM
Nikola Lazic
Last Updated May 30, 2024 12:09 PM

Key Takeaways

  • Notcoin surged 22% today, over 136% since Monday, May 27.
  • Notcoin combines gaming and crypto on Telegram.
  • Notcoin’s future hinges on community response and ongoing development.

The cryptocurrency market has been down recently, with most coins in the red. This is a continuation of the downtrend from Monday, with the total market cap decreasing by 5.6%. 

While we’ve seen some double-digit losses, one cryptocurrency did the opposite. Notcoin, a newly released crypto, has risen by 22% today, May 30, and over 136% since Monday. The crypto community is getting abuzz over this Telegram-tied project, but what is its price action outlook going further? 

What is Notcoin?

Notcoin is a unique cryptocurrency-related project combining gaming and cryptocurrency elements on the Telegram platform. It was developed by Open Builders and is associated with The Open Network (TON) blockchain. Notcoin is essentially a play-to-earn game where users can “mine” Notcoins by clicking on an animated coin within a Telegram chat.​ 

The game gained popularity quickly due to its simplicity and the ease of participation. Players can earn Notcoins by performing simple tasks like clicking on the coin icon, and there are plans to eventually transition these in-game tokens to real cryptocurrency on the TON blockchain. This could allow users to sell or transfer their earned Notcoins, giving them actual monetary value. 

Notcoin’s journey from a memecoin to a global sensation highlights its playful and innovative approach to engaging users with cryptocurrency, challenging traditional norms within the digital currency space. Its future, however, remains uncertain, as it depends on the project’s ongoing development and community response.

NOT Price Analysis 

At its market release on May 16, the price of NOT  was around $0.012. From there, it went into a downtrend, forming a descending channel to a low of $0.0045 on May 23. As it established a bottom until May 25, we saw the beginning of its first uptrend. 

NOT
NOTUSD | Credit: Nikola Lazic/Tradingview

A five-wave pattern emerged, with the price of NOT climbing over 170%, reaching $0.012 again today, May 30. This could be the end of its rise as both a five-wave impulse and the hourly chart RSI indicate overbought conditions at 80%. 

If true, NOT could be headed to its first bull cycle correction to a 0.618 Fibonacci retracement. That would bring its price down to $0.0078 area at its optimum point, but it could find support above or below it. 

Forming a higher low compared to May 25 would further validate the starting bull phase of NOT, and we will expect higher values later in 2024. At its third wave, the price could reach $0.020, while on its final wave, it could reach $0.026. 

Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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