Developers announced a Notcoin burn initiative starting on June 16. Part of the unclaimed tokens will be allocated to fund future development, while the rest, amounting to around $10 million, will be burned.
According to Coinmarketcap, Notcoin (NOT) has lost 9% in the last 24 hours and is currently trading for $0.01836. It has erased 50% of its gains since its ATH five days ago.
Notcoin price prediction
The Notcoin staking initiative, launched on May 10, ended on June 10, when holders could withdraw their NOT to exchanges. The relatively high number of people who entered the market to sell their Notcoin could be one reason for the declining price.
Cumulative volume delta and open interest are declining, potentially signaling a downside move, although NOT led the gainers on June 14.
Key levels to watch are the primary downside target of $0.0165 and the secondary downside target of $0.0125. The next critical support level to watch is $0.015. In other words, the outlook for NOT is bearish.
A sustained price above $0.025 could negate this bearish outlook, indicating higher targets.
According to Coincodex’s Notcoin price prediction, however, the coin will rise by 227.69% to $0.066 over the next month. The Fear & Greed Index shows 71 (Greed), and the current sentiment is bullish. NOT recorded 50% green days over the past month with 50.47% price volatility. Based on this Notcoin price prediction, it may be an excellent time to buy the dip.
How will Notcoin burn to affect the value?
Coin burning is similar to stock buybacks in stock trading. The coins are sent to an inaccessible wallet account, which helps control the total market circulation of Notcoin. This is done to avoid inflation by reducing the coin’s overall supply.
Burning can help create a heightened demand for the token. The wallet operates independently of TON, on which Notcoin runs, rendering the tokens unusable for other transactions.
The Notcoin burn can potentially increase its price, but it does not guarantee such an increase. Notcoin developers and users should consider many other factors when estimating the future price of the cryptocurrency, like the reason for and the anticipated effect of the burn.
