Notcoin Tumbles After Recent Surges – Is Hope For A Bull Run Over?

cryptonews.com:

$NOT, the token underpinning crypto’s viral new Telegram-based game Notcoin, is down 2.7% in the last 24 hours to trade at $0.0114 as of this writing.

This signals a reversal in fortunes for the token, which posted encouraging price spikes this month that gave holders hope for a potentially major rally.

First, came the launch of another Telegram game called Lost Dogs: The Way. A collaboration between Notcoin and fellow The Open Network (TON) developers, gaming team Lost Dogs Co and NFT trading platform Getgems. The announcement spiked the price of Notcoin by 50% in seven days.

Then two days ago, the price of Notcoin leapt 13% from a recent low of $0.0109 on August 13 to $0.0123 the next day.

Notcoin is a Telegram-based game that users can access through the app. Simply open the Notcoin bot, invite friends, and start tapping on the gold coin in the interface to begin earning $NOT.

Tap allowances are finite and refill slowly over time. However, players can earn more taps by questing and performing community actions.

The game and its token run on The Open Network (represented by the native utility token $TON), a blockchain that spun out from Telegram in 2020 after the SEC charged the company with violating federal securities laws by selling it. The two remain strongly affiliated.

Through most of the summer, Notcoin has traded in very narrow straits of $0.018 and $0.009, as indicated by the respective resistance (red) and support (green) lines on the chart below.

In spite of the recent bullish price action, for the last week it’s remained 60% short of its all-time high (ATH) of $0.02836 on June 2 this year.

The bulk of its recent losses occurred before last Monday’s crypto crash highlights steadily cooling investor sentiment.