Market
Notcoin Records 335% Weekly Gains, Closing in on Top 50
Popular play-to-earn token Notcoin (NOT) continues to attract investors with its impressive price performance.
With the overall crypto market staying steady, NOT’s massive surge has caught the eye of traders, showing strong buying interest.
Notcoin Surpasses $2 Billion Market Cap
The NOT token officially launched on May 16. After the release, it dropped by over 60%, falling from $0.012 to as low as $0.0050.
However, in the last week, the token has made a stunning recovery, rising by over 335% to reach an all-time high of $0.028. NOT’s market cap has grown to about $2.3 billion, pushing it close to the top 50 cryptocurrencies. The 24-hour trading volume surged to $4.3 billion, a 265% increase from the previous day.
The crypto community is actively discussing Notcoin’s dynamics. Prominent trader Crypto Steam suggested that the main triggers of the current rally were the launch of the staking function, token burning, and market maker actions.
“Around 18m $NOT have been burned and taken out of circulation forever (reduced sell-pressure). While this doesn’t seem a lot investors might price in additional burns in the future, it is crypto after all and valuations don’t have to be reasonable”, Crypto Stream noted.
Read more: 5 Best Toncoin (TON) Wallets in 2024
Notcoin, a Web3 game on the TON blockchain, was released in January as a Telegram mini-app and quickly gained over 35 million players. In mid-May, it completed the largest gaming token airdrop. Listings on major centralized exchanges have fueled its growth by increasing trading volume and market cap.
Last week, Notcoin launched “earnings missions,” boosting the token’s functionality and value. This new feature allows users to earn passive rewards by participating in various quests, increasing community activity.
Read more: What Are Telegram Bot Coins?
Although NOT is relatively new to the market, its strong community support, engaging reward systems, and backing from key figures position the token for further growth.
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.
XRP price started a fresh decline below the $2.080 zone. The price is now recovering some losses and might face hurdles near the $2.150 level.
- XRP price started a fresh decline after it failed to clear the $2.20 resistance zone.
- The price is now trading below $2.120 and the 100-hourly Simple Moving Average.
- There is a connecting bearish trend line forming with resistance at $2.10 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might extend losses if it fails to clear the $2.150 resistance zone.
XRP Price Faces Resistance
XRP price failed to continue higher above the $2.20 resistance zone and reacted to the downside, like Bitcoin and Ethereum. The price declined below the $2.150 and $2.10 levels.
The pair even declined below the $2.050 zone. A low was formed at $2.023 and the price is now attempting a recovery wave. There was a move above the $2.050 level. The price cleared the 23.6% Fib retracement level of the recent decline from the $2.215 swing high to the $2.023 low.
The price is now trading below $2.120 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.10 level. There is also a connecting bearish trend line forming with resistance at $2.10 on the hourly chart of the XRP/USD pair. The trend line is near the 50% Fib retracement level of the recent decline from the $2.215 swing high to the $2.023 low.
The first major resistance is near the $2.150 level. The next resistance is $2.1680. A clear move above the $2.1680 resistance might send the price toward the $2.20 resistance. Any more gains might send the price toward the $2.220 resistance or even $2.250 in the near term. The next major hurdle for the bulls might be $2.2880.
Another Decline?
If XRP fails to clear the $2.120 resistance zone, it could start another decline. Initial support on the downside is near the $2.050 level. The next major support is near the $2.020 level.
If there is a downside break and a close below the $2.020 level, the price might continue to decline toward the $2.00 support. The next major support sits near the $1.880 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $2.050 and $2.020.
Major Resistance Levels – $2.120 and $2.150.
Brian Quintenz, the incoming Chair of the US CFTC (Commodity Futures Trading Commission), has begun meeting with Capitol Hill lawmakers before his nomination hearing.
On Monday, Quintenz met with Senator Chuck Grassley (R-IA) to discuss key regulatory issues, including the CFTC’s role in overseeing crypto spot markets.
CFTC Targets Crypto Spot Market After Derivatives
Brian Quintenz met with Republican Senator from Iowa Chuck Grassley to discuss another element in the CFTC’s crypto market structure regulation agenda. This time, the focus is on crypto spot markets.
“It was wonderful to meet with you Chuck Grassley and discuss your leadership on whistleblower issues as well as the future of the agency,” Quintenz stated.
Grassley also commented on their discussion. He highlighted the CFTC Whistleblower Protection Program for spot crypto markets as part of the agenda. Notably, Grassley is a member of the Senate AG Committee, the legislative body overseeing the CFTC.
Eleanor Terrett, host of the Crypto America podcast, indicated that the Senate AG Committee will have a significant role in part of the CFTC’s crypto regulation agenda. Specifically, it would have an outsized say in whether the CFTC could gain expanded jurisdiction over crypto spot markets.
The meeting comes as the CFTC moves closer to expanding its role in crypto regulation. US President Donald Trump tapped Quintenz, a former executive at venture capital firm Andreessen Horowitz (a16z), to lead the agency.
His appointment is part of Trump’s broader plans to reshape crypto oversight. This could potentially give the CFTC greater authority over digital asset markets.
Meanwhile, regulatory developments surrounding crypto have accelerated in recent weeks. The CFTC eased regulatory hurdles for the crypto derivatives market only days ago. The move will enhance market efficiency and attract institutional investors.
Beyond derivatives and spot markets, the CFTC is also exploring other areas of crypto oversight. The agency recently announced plans to host a roundtable discussion on prediction market regulation. It aims to address the regulation of decentralized prediction platforms.
Stablecoins are also on the agency’s radar. The CFTC also revealed a forum to discuss stablecoin regulation and potential risks associated with their widespread adoption.
Additionally, the Federal Deposit Insurance Corporation (FDIC) and the CFTC revoked previous crypto-related guidelines, signaling a shift in regulatory strategy.
Crypto markets can also not rule out the possibility of further collaboration between key agencies in the broader industry. Reports indicate that the US SEC (Securities and Exchange Commission) and the CFTC have discussed reviving a joint advisory committee to coordinate on crypto regulation.
If revived, the committee could serve as a bridge between the agencies. This would address concerns over jurisdictional overlap and streamlining oversight efforts.
As Quintenz prepares for his nomination hearing, his meetings with lawmakers suggest that crypto regulation will be a top priority for the CFTC moving forward.
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.
Solana started a fresh decline below the $132 support zone. SOL price is now consolidating and might struggle to recover above the $126 resistance.
- SOL price started a recovery wave from the $122 support zone against the US Dollar.
- The price is now trading below $130 and the 100-hourly simple moving average.
- There is a key rising channel forming with support at $124 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could start a fresh increase if the bulls clear the $126 zone.
Solana Price Faces Resistance
Solana price started a fresh decline below the $135 and $132 levels, like Bitcoin and Ethereum. SOL even declined below the $125 support level before the bulls appeared.
A low was formed at $122.64 and the price recently started a consolidation phase. There was a minor increase above the $125 level. The price tested the 23.6% Fib retracement level of the downward move from the $140 swing high to the $122 low.
Solana is now trading below $126 and the 100-hourly simple moving average. There is also a key rising channel forming with support at $124 on the hourly chart of the SOL/USD pair.
On the upside, the price is facing resistance near the $126 level. The next major resistance is near the $128 level. The main resistance could be $132 or the 50% Fib retracement level of the downward move from the $140 swing high to the $122 low.
A successful close above the $132 resistance zone could set the pace for another steady increase. The next key resistance is $136. Any more gains might send the price toward the $142 level.
Another Decline in SOL?
If SOL fails to rise above the $128 resistance, it could start another decline. Initial support on the downside is near the $124 zone. The first major support is near the $122 level.
A break below the $122 level might send the price toward the $115 zone. If there is a close below the $115 support, the price could decline toward the $102 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is losing pace in the bearish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $124 and $122.
Major Resistance Levels – $128 and $132.
XRP Bulls Fight Back—Is a Major Move Coming?
A Make or Break Situation As Ripple Crypto Flirts Around $2
CFTC’s Crypto Market Overhaul Under New Chair Brian Quintenz
$2,300 Emerges As The Most Crucial Resistance
Solana (SOL) Holds Steady After Decline—Breakout or More Downside?
Ethereum Price Faces a Tough Test—Can It Clear the Hurdle?
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
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Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
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Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
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