Telegram Linked Notcoin Eyes 100% Price Rally Not Burned After 210M

Telegram-based NotCoin (NOT) is poised for massive growth, doubling its market capitalization in the coming weeks. This optimism is supported by strong technical indicators and fundamentals, namely the ecosystem's recent token burn.

Notcoin burns 210 million tokens per day

On June 25, the Notcoin team announced that it was burning 210 million tokens worth $3 million per day, a move that caught the attention of traders and helped NOT's price rally up 16.40% to $0.0164.

The Notcoin team has announced plans to distribute $4.2 million worth of worthless tokens to “gold and platinum users” of the Explore initiative. This initiative allows any project to create campaigns with actions for non-revenue users to complete without contributing to the browsing pool.

Both modifications point to two basic extremes. For example, if a token burn increases the demand for the coins at once, it removes a portion of the coin supply from active circulation.

Likewise, users who earn not for task completion will ensure the continued demand for tokens as new projects and users join the platform. Both features are central to NotCoin founder Sasha's four-year roadmap for the project.

Related: Crypto clicker games need real token use cases to be sustainable

The Notcoin project is currently focused on the Notcoin app, which offers campaigns that allow users to earn Notcoin by participating in new Telegram games. The aim is to establish the app as a central hub for launching other ecosystem projects, driving demand for NotCoin and incorporating token burns.

Notcoin Technical Analysis: A 100% Price Rally Potential

Price chart technicians suggest that NOT's sustained price rally is part of a broader recovery after the token tested the lower falling wedge pattern.

Falling pullbacks are considered bullish reversal patterns, characterized by two converging, downward-sloping trends. As a rule, you will find a solution after the price breaks above the upper trend line and increases with the maximum distance between the upper and lower trend line.

Applying the same technical principles to NOT's bullish scenario, the target for July is between $0.023 and $0.0031, 45-100% higher than current price levels, depending on the divergence point.

Conversely, a break below the wedge's lower trendline could completely negate the bullish reversal setup and may not take the $0.011 support level from May 31 to June 1.

This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.