NOT Token Poised to Extend Gains as Key Technical Indicators Confirm Increased Demand

NOT, the token that powers Notcoin, the play-to-earn clicker gaming application on Telegram, is poised to extend its seven-day gains.

NOT, the native token of the Telegram-based play-to-earn clicker game Notcoin, is likely to extend its seven-day gains.

At press time, the altcoin was trading at $0.02. According to CoinMarketCap, its value had appreciated by 84% over the last week.

With key technical indicators confirming the rising demand for the altcoin, it could rally towards a new all-time high in the short term.

Technical indicators remain bullish for NOT

While some profit-taking activity was evident over the last few days, NOT’s momentum indicators remained significantly above their 50-neutral lines.

At press time, the token’s Relative Strength Index (RSI) stood at 76.73, while its Money Flow Index was 77.

These indicators suggested that buying activity in NOT was still substantial and outweighed the selling pressure.

However, it is important to note that at its current value, the RSI for NOT signaled that the token was overbought and a potential price correction was likely. When an asset is overbought, buyers’ exhaustion sets in, and its price usually witnesses a pullback.

Although there was a risk of a slight correction in NOT’s price, the bulls were still firmly in market control. This was evident from the readings on its Elder-Ray Index. At the time of writing, the indicator’s value was 0.012.

This indicator measures the strength of buyers and sellers in the market for NOT at any given time. When its value is positive, bull power dominates the market.

Further, its positive directional index (green), at 45.96, was higher than its negative index (red), at 6.2, at press time. This signaled that the altcoin was experiencing a stronger uptrend than a downtrend, even though some traders were selling.

Additionally, NOT’s Chaikin Money Flow (CMF) at 0.20 showed that a significant amount of liquidity was flowing into the market.

A positive CMF is an indication of market strength. It connotes capital inflow as demand for an asset climbs, which is a bullish signal.

Source: NOT/USDT on TradingView

Here’s what NOT’s market cap looks like in SOL terms, whether you like it or not

In NOT’s futures market, open interest had hit new highs. According to Coinglass data, at $284 million at press time, it was at an all-time high.

An asset’s futures open interest tracks the total number of outstanding futures contracts or positions that have not been closed or settled. When it rises like this, more market participants are opening new positions.

Source: Coinglass