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Notcoin (NOT) continues with a strong price increase, which made it renew its historic high. According to CoinGecko, the Telegram-based cryptocurrency has seen an increase of 40% in the last 24 hours, reaching a new high price at US$0.012. Its market value reached US$1.218 billion and the trading volume was US$1.2 billion, an increase of 18%.

As a result, NOT reached its second consecutive day of gains greater than 30%, accumulating gains of 140% in the last seven days. Furthermore, cryptocurrency reached a new record, this time in number of investors: more than 1.6 million people hold NOT tokens.

New high, new high

The notable increase in growth of NOT aligns with the growing popularity of Notcoin, a play-to-earn (P2E) Web3 game hosted on Telegram. In the game, users can exchange in-game currency into NOT tokens and sell them, and the appreciation of the token has attracted even more players.

On May 16th, the NOT token officially debuted and immediately reached a high of US$0.0099. But on May 23, the price fell 54% and reached a low of US$0.0054.

After this pullback phase, it seemed that the euphoria with NOT was over. But this did not happen and the token recovered, breaking the US$0.01 barrier. The token’s recent surge triggered a wave of liquidations with more than $5.9 million in short positions liquidated in the last 24 hours.

On Tuesday (28), NOT gained a place in the Top 100 cryptocurrencies and reached US$1 billion in market value. Today, the token is already worth 20% more, with an accumulated total of US$1.2 billion.

However, the most relevant data on the Notcoin network is the total of 1.6 million people who have tokens on the network. In terms of number of investors, NOT managed to surpass popular memecoins such as Shiba Inu, BONK and PEPE.

In recent data released by Santiment, NOT’s Relative Strength Index (RSI) is at 83. This indicator suggests overbought, i.e., that the current price is above the fair value of the token.

This scenario occurs at times when the price is very stretched and generally precedes corrections. And in fact, many investors fear that whales could sell large amounts of NOT now to take profits, causing the price to fall.

As paradoxical as the idea may seem, a correction in NOT’s price could help maintain its upward price trajectory in the long term. If the RSI falls below the 50 mark, the market can eliminate much of the speculation risk and return to the path of sustainable valuations.

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