Market
How Notcoin (NOT) Price Can Gain from Rising Market Interest
The price of the native token of the popular Telegram-based tap-to-earn game Notcoin (NOT) increased by 24.93% in the last 24 hours. This surge comes after the token initially reached a two-month low of $0.0082 on August 5.
The market will want to know whether NOT’s price will continue to increase. This analysis provides context in this regard and also reveals what traders are doing.
Market Takes Notcoin’s Comeback as a Good Sign
One way of knowing the position of traders is by looking at the Long/Short Ratio. This ratio represents the proportion of longs (buyers) to shorts (sellers) in the market. With the ratio, one can have an idea of investors’ sentiment in the market
When the Long/Short ratio rises, it means there are more long positions than shorts in the market, indicating that most traders expect the price to rise. However, a falling ratio suggests bearish anticipation.
Data from Coinglass shows that the ratio in NOT’s case has been increasing, suggesting that many traders have positioned themselves to profit from Notcoin’s continued hike.
Read more: Top 7 Telegram Tap-to-Earn Games to Play in 2024
Furthermore, on-chain data obtained from Santiment shows an increase in Open Interest (OI) as well. OI refers to the sum of all open contracts in the market, and it increases or decreases based on net positioning.
When the OI decreases, market participants are adding more liquidity to the market and increasing their positioning. However, a decrease implies a rise in position closure.
For NOT, the rise in Open Interest that buyers are more aggressive. If sustained, this rise in speculative activity could help the cryptocurrency sustain the price increase. For instance, historical data traced back to June shows that a rise in Open Interest helps NOT price increase.
During that period, NOT’s price reached an all-time high of $0.028 as the OI jumped above $220 million.
Subsequent short-lived hikes also reveal a surge in Open Interest, further proving the strong correlation between the price and indicator. Therefore, if NOT experience a substantial rise in this indicator, the value of the token may exceed $0.11 by a wide margin.
NOT Price Prediction: Buying Pressure Returns
The technical point of view shows that Notcoin’s market structure is slowly heading out of bearish dominance. One indicator fueling this bias is the Cumulative Volume Delta (CVD).
For context, the cumulative volume delta (CVD) represents the net difference between buying and selling volume in the spot market. When CVD is negative, as it was on August 5, it indicates a high rate of selling. However, as of press time, the spot CVD has returned to positive, signaling that market participants have bought the dip.
Read more: Notcoin (NOT) Price Prediction 2024/2025/2030
If this buying volume continues to rise, the NOT token may sustain its upswing. Increased buying pressure could drive NOT’s price up to $0.013.
However, if the cryptocurrency experiences another wave of selling pressure, the value could drop as low as $0.0085.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
ETF issuer WisdomTree’s European division just announced a new ETP based on XRP. This product is currently available in four EU countries, which has led XRP’s price to jump slightly.
ETPs are a common issuer strategy to earn revenue without ETF approval, but Europe will not necessarily approve one even if the US does so.
WisdomTree’s XRP ETP
WisdomTree, one of the Bitcoin ETF issuers in the US, announced that its European branch is offering an exchange-traded product (ETP) based on XRP. This new product is currently available in Germany, Switzerland, France, and the Netherlands. A growing number of issuers have filed for an XRP ETF, but WisdomTree is taking a slightly different tack.
“The WisdomTree Physical XRP ETP offers a simple, secure, and low-cost way to gain exposure to XRP, one of the largest cryptocurrencies by market capitalization. Backed 100% by XRP, XRPW is the lowest-priced XRP ETP in Europe, providing direct spot price exposure,” the announcement claimed.
The possibility of an official XRP ETF is growing with the current bull market, and Ripple CEO Brad Garlinghouse considers it “inevitable.” Still, it hasn’t happened yet, and ETP offerings allow issuers to somewhat address customers’ requirements. BitWise, which has also filed for an XRP ETF in the US, recently acquired a European ETP issuer to enter the same market.
WisdomTree, however, is no stranger to this market strategy. In May this year, it won approval to offer ETPs based on Bitcoin and Ethereum to British investors.
The UK has not yet approved a full ETF for either of these assets, but WisdomTree still gained market access. Even a fraction of the XRP market could also prove lucrative; the asset’s value spiked today.
WisdomTree Europe’s strategy page does not describe any further actions upon full approval. Even if the US approves an XRP ETF under the SEC’s new leadership, that won’t necessarily benefit WisdomTree’s European branch. For now, these ETPs built on XRP will have to suffice for this market.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Ethereum price started a fresh increase above the $3,220 zone. ETH is rising and aiming for more gains above the $3,350 resistance.
- Ethereum started a fresh increase above the $3,220 and $3,300 levels.
- The price is trading above $3,250 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $3,385 resistance zone.
Ethereum Price Regains Traction
Ethereum price remained supported above $3,000 and started a fresh increase like Bitcoin. ETH gained pace for a move above the $3,150 and $3,220 resistance levels.
The bulls pumped the price above the $3,300 level. It gained over 10% and traded as high as $3,387. It is now consolidating gains above the 23.6% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high.
Ethereum price is now trading above $3,220 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level. There is also a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD.
The first major resistance is near the $3,385 level. The main resistance is now forming near $3,420. A clear move above the $3,420 resistance might send the price toward the $3,550 resistance. An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,880.
Another Decline In ETH?
If Ethereum fails to clear the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,250 zone.
A clear move below the $3,250 support might push the price toward $3,220 or the 50% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits at $3,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,250
Major Resistance Level – $3,385
Ethereum price started a fresh increase above the $3,220 zone. ETH is rising and aiming for more gains above the $3,350 resistance.
- Ethereum started a fresh increase above the $3,220 and $3,300 levels.
- The price is trading above $3,250 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $3,385 resistance zone.
Ethereum Price Regains Traction
Ethereum price remained supported above $3,000 and started a fresh increase like Bitcoin. ETH gained pace for a move above the $3,150 and $3,220 resistance levels.
The bulls pumped the price above the $3,300 level. It gained over 10% and traded as high as $3,387. It is now consolidating gains above the 23.6% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high.
Ethereum price is now trading above $3,220 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level. There is also a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD.
The first major resistance is near the $3,385 level. The main resistance is now forming near $3,420. A clear move above the $3,420 resistance might send the price toward the $3,550 resistance. An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,880.
Another Decline In ETH?
If Ethereum fails to clear the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,250 zone.
A clear move below the $3,250 support might push the price toward $3,220 or the 50% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits at $3,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,250
Major Resistance Level – $3,385
Dogecoin Hashrate Surges To New All-Time High Amid Rise In Positive Momentum
WisdomTree Europe Launches XRP ETP
BTC Surges to $99K, ETH Shoots, XRP Jumps 25%
Rallies 10% and Targets More Upside
Rallies 10% and Targets More Upside
“Crypto Dad” Chris Giancarlo Emerges Top For White House Crypto Czar Role
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
-
Ethereum22 hours agoFundraising platform JustGiving accepts over 60 cryptocurrencies including Bitcoin, Ethereum
-
Market19 hours agoSouth Korea Unveils North Korea’s Role in Upbit Hack
-
Market23 hours agoCardano’s Hoskinson Wants Brian Armstrong for US Crypto-Czar
-
Altcoin17 hours agoSui Network Back Online After 2-Hour Outage, Price Slips
-
Market22 hours agoLitecoin (LTC) at a Crossroads: Can It Rebound and Rally?
-
Altcoin16 hours agoDogecoin Whale Accumulation Sparks Optimism, DOGE To Rally 9000% Ahead?
-
Altcoin21 hours agoWhy FLOKI Price Hits 6-Month Peak With 5% Surge?
-
Bitcoin14 hours agoMarathon Digital Raises $1B to Expand Bitcoin Holdings
