Can Notcoin surge another 35 after a 55 spike in 24 hours

Bijie.com reports:
Notcoin tokens have surged by over 55% in just 24 hours, with public interest rates skyrocketing by 118%. According to technical analysis, if NOT displays a strong daily candle closing price above $0.017, it could potentially surge by 35%.
After a recent period of significant downturn in the cryptocurrency market, the entire market now appears to be in recovery.
During this sustained recovery, the recently listed Telegram-related token Notcoin [NOT] has garnered significant attention from investors and traders after experiencing a record-breaking 55% price surge, rising from $0.010 to $0.016 in just 24 hours.
Reasons behind the surge in NOT price
The potential reasons behind the substantial price increase may be attributed to the platform’s continued development and significant user engagement.
Aside from recent major updates, the community also announced that Notcoin Explore is set to become a public platform for global Web 3 projects.
Furthermore, Notcoin recently announced that they have burned $3 million worth of NOT tokens and plan to distribute $4.2 million worth of tokens as incentives for Notcoin’s gold and platinum users.
These updates and the ongoing support from users may be the reasons behind the 55% surge in price.
Notcoin technical analysis and key levels
According to expert technical analysis, NOT appears bullish, nearing a strong resistance level at $0.016. Since June 19th, NOT has made several attempts to break through the $0.016 level but has failed each time.
However, the recent significant surge may lead to a breakthrough of this resistance level.
If the closing price of the NOT token exceeds $0.017 within the daily timeframe, we may potentially see a substantial 35% or even higher surge in price in the coming days.
Additionally, the 24-hour open interest rate of NOT token reflects strong interest and confidence from traders and investors, as it has already surged by over 118%.
Will the recent growth be sustained?
However, a question remains as to whether the NOT token will sustain this massive price surge. The answer is clear – if user engagement and continuous development are maintained, the price is very likely to continue.
According to data from on-chain analysis company CoinGlass, in this challenging scenario, short sellers have liquidated a significant short position of $4.72 million within the past 24 hours.
During the same period, long positions have also been liquidated, amounting to nearly $2.23 million. This higher short liquidity position indicates that the bulls are officially back in Notcoin (NOT).
Reality check: NOT’s market value in BTC terms
At the time of writing, the trading price of NOT is close to $0.016, experiencing a massive 55% price surge in the past 24 hours. The trading volume during the same period has also surged by over 330%, reflecting notable participation from traders and investors in the NOT token.
Looking at NOT’s performance over a longer period, in the past seven days, despite the market’s continued fluctuations, the token has risen by 11%.