Notcoin price left in the dust as a rare pattern points to a 220% surge

Popular tap-to-earn token Notcoin was left in the dust as most cryptocurrencies continued to gain on Friday, November 8.

Notcoin (NOT) was trading at $0.0063 on November 8, down 78% from this year’s high. This decline reduced its market value from its all-time high of $2.5 billion to $648 million.

Notcoin’s price action has diverged from other cryptocurrencies, rising to multi-month highs. While Bitcoin (BTC) rose to a record high of $76,000, the total market value of all coins rose to $2.7 trillion.

Notcoin’s performance also mirrors that of other win-win tokens such as Catizen, Hamster Kombat, and DOGS, which are all down double digits.

One possible reason for this decline is that excitement around Notcoin has diminished since the airdrop and subsequent exchange listings. Although specific figures are not publicly available, there are indications that the number of Notcoin users continues to decline.

Similar trends were observed in other games listed. For example, it is estimated that Hamster Kombat lost more than 260 million users because its coin crashed.

Notcoin’s decline also reflects the broader pattern seen among other win-win games. Axie Infinity’s (AXS) token rose to a record high of $165.93 as the ecosystem user base grew in 2021. However, it has since fallen over 80%. Other once-popular win-win tokens such as Decentraland and The Sandbox have experienced similar declines.

Notcoin price may rise Notcoin open positions | Source: Coinglass

There are signs that the price of the NOT token could make a strong comeback in the near term. One of these indicators is that Notcoin’s futures open interest is trending downward after peaking above $293 million a few months ago. Declining open interest, combined with weak social media activity, is often a precursor to a strong recovery.

Notcoin’s price also formed a falling wedge formation, one of the most well-known reversal signals. This pattern is created by connecting the highs and lows on a chart. With the two lines approaching the point of convergence, there is a strong possibility that the price will recover in the coming days.

Notcoin price chart | Source: crypto.news

A rally could trigger fear of missing out and potentially push the price to the next psychological level of $0.02, which would represent an increase of approximately 220% from the current level. This bullish scenario will be invalidated if the coin falls below the $0.0040 support.