Notcoin Bulls Face Bearish Trap as Price Surges 25% Amid Retail Interest

Notcoin, the Telegram-linked cryptocurrency, has seen a significant surge in price over the past day. The altcoin rose by 25% on June 13th and appears to be attracting weekend liquidity, pushing its price higher.

However, analysts are cautioning that traders may be betting against Notcoin, despite its strong price action. Perpetual market data showed a heavy inflow of capital, with positions reaching $3.1 million each on Binance and Bybit. Total marketwide Open Interest climbed to $7.8 million, with 90% of the new capital arriving in the past 24 hours.

But instead of directing this capital towards long positions, traders increased bearish exposure, positioning for a move lower. The Funding Rate turned sharply negative to -0.1221% over the past day, suggesting selling pressure was intensifying.

Despite this bearish positioning, Notcoin's price continued to rise, thanks in part to growing retail interest. Google Trends data showed a sharp rise in global search activity for Notcoin, with interest climbing to 35. This level of interest is often seen before previous upside moves.