Notcoin rallies 51% as daily trading volume skyrockets 307%, traders bet on pull-back

Notcoin (NOT) has witnessed an impressive price rally as the market rebounds while traders bet on its price fall.

NOT is up by 51.6% in the past 24 hours and is trading at $0.0158 at the time of writing. The asset’s market cap currently sits at $1.6 billion, making it the 50th-largest cryptocurrency. 

Moreover, Notcoin’s daily trading volume skyrocketed by 307%, reaching a whopping $1.1 billion.

According to data provided by Santiment, the Notcoin total open interest increased by 61% over the past day — rising from $115 million to $185 million. When an asset’s open interest suddenly increases, high price volatility is usually expected due to heightened liquidations.

Data from the market intelligence platform shows that the total funding rate aggregated by NOT plunged from 0.001% to negative 0.02% in the past 24 hours. This movement shows that the asset’s open interest has majorly increased with short trading positions. 

Simply put, the amount of trades betting on Notcoin’s price fall has significantly increased. 

Per Santiment data, the Notcoin Relative Strength Index (RSI) surged from 52 to 62 over the past day. The indicator shows that NOT is slightly overbought at this price point and there’s a high chance of whales taking short-term profits.

For Notcoin to remain in the bullish zone, its RSI needs to cool down below the 50 mark.