In the past 24 hours, the price of NOT, the native token of the touch-to-win game Notcoin, surged by 30%. This significant increase followed a dip to a two-month low of $0.0082 on August 5th. Market participants are keenly investigating whether this upward trend will persist, given the recent volatility in the market.
What Influences Notcoin’s Performance?
A critical metric watched by investors is the long/short ratio, which indicates the balance between buyers and sellers in the market. An uptick in this ratio signals that long positions are on the rise, reflecting investor optimism about future price increases. Conversely, a downturn may suggest a potential decline in prices.
Recent data from Coinglass shows an increase in the long/short ratio for NOT, suggesting that many investors are betting on the token’s continued upward trajectory. This trend is further supported by on-chain data from Santiment, showing a rise in Open Interest (OI). OI measures the total number of open contracts and fluctuates based on market activity.
How Much Will NOT Be Worth?
A closer analysis reveals that Notcoin is gradually reversing its downtrend. The Cumulative Volume Delta (CVD) indicator, which tracks the net difference between buying and selling volumes, has turned positive. This shift indicates that more market participants are buying the dip, contributing to the token’s price recovery.
Concrete Investor Insights
Several user-usable inferences can be drawn from the current market dynamics:
- An increasing long/short ratio suggests growing investor confidence in price rises.
- Rising Open Interest indicates heightened market activity and liquidity.
- A positive CVD implies strong buying pressure, potentially leading to further price appreciation.
As NOT’s price currently stands at $0.0123, sustained buying volume could push it to $0.013, while another downturn might see it fall to $0.0085. Investors will need to keep a close watch on these indicators to navigate the volatile market effectively.
