What is Notcoin and Why is TON Price Rising Because of It

admin May 11, 2024

What is Notcoin and Why is TON Price Rising Because of It

Notcoin, a new social clicker game within the Telegram messaging app, is gaining immense popularity due to its simple yet engaging gameplay. Players tap a virtual coin to earn in-game currency, known as Notcoin, and the game could be a bullish cue for Toncoin (TON).

The game has quickly attracted the interest of the crypto community. Its quick adoption shows a trend in merging gaming with digital currencies, changing user interactions with blockchain technologies.

Several factors have contributed to Notcoin’s popularity growth. Its integration into Telegram gives it direct access to a vast user base and serves as a robust launch platform for new applications like Notcoin.

The game’s appeal lies in its simplicity. By tapping a virtual coin, players earn in-game currency, named Notcoin. This mechanic is straightforward and accessible to all users. The game also includes competitive and social elements, such as quests and leaderboards, which improve user engagement.

Notcoin
Binance Launchpad has introduced Notcoin tokens on its platform.

Moreover, Binance Launchpool recently announced plans to introduce the NOT token on its platform. The exchange will allow users to farm Notcoin tokens by staking BNB and FDUSD.

Furthermore, Notcoin engages with the ‘play-to-earn’ model, allowing players to earn actual cryptocurrency rewards. This model is becoming popular in the gaming community as it provides a real value that goes beyond typical gaming rewards.

Notcoin directly influences Toncoin, The Open Network’s native cryptocurrency. As Notcoin becomes more popular, it increases activity on TON, enhancing Toncoin’s visibility and use.

Moreover, increasing usage and interest helps raise Toncoin’s price, showing the strong link between innovative apps and their underlying blockchain platforms.

Additionally, broader market dynamics contribute. Speculation about Telegram’s possible IPO is also improving the sentiment around Toncoin as investors look forward to more integrations and innovations within the TON ecosystem.

Toncoin Profit Booking Begins

Meanwhile, profit booking forced the Toncoin price to pare gains on May 11 after spiking nearly 14.3% to a daily high near $7.2. Furthermore, the long upper wick on the token’s daily candle highlights the bearish pressure against the token.

As such, the TON price risks dropping to the $6 support level. Moreover, breaching the immediate support might force the Toncoin price to test the 0.236 FIB support near $4.9 before recovering.

Notcoin
TONUSD daily price chart with RSI. Source: Tradingview.com

However, if the Notcoin token’s bullish cues rub off on Toncoin, the token’s price might rally to the resistance near $7.5, marking a new ATH. Breaching and consolidating above the immediate resistance might help TON price target the resistance near $8.6.

The relative strength index for TON remained neutral, with a score of 64.48 on the daily charts. The RSI that Toncoin has some breathing room if it manages to start a bullish rally before the RSI becomes overbought and signals a bearish reversal.