The Meme Coin market has experienced an impressive rise of nearly 20.8% in the last 24 hours. Among the top Meme Coins, Goatseus Maximus, a recent entrant in the market, is the one that has seen the highest rise of 25.7%. It was on October 13 that GOAT entered the market. On that day, its price was nearly $0.060347. Now, it stands at around $0.769284. In hardly a week, the GOAT market has registered an enviable growth of 1174.768%. In the last seven days alone, the market has recorded a rise of 181%. What’s the future prospects of this new Meme Coin? Could it create history?
GOAT Price Soars: Analysing the Market
Since October 13, the market has grown consistently. During this journey, the market has witnessed no major downward pull, other than the one experienced on October 20, when the price was pulled down from $0.40433 to $0.26058. The next day itself, the market recovered from the fall, pushing the price to a new peak of $0.45225 – far above the opening price of October 20. In the last three days, the market has recorded a steep growth of 70.10%. As of now, the market appears extremely bullish.
GOAT Technical Analysis: What Indicators Show
When we apply the RSI indicator on the four-hour chart of GOAT, we can see that at present the index stands at 69.08 – just below the overbought range of 70. This is a clear indicator that there is more room for the Meme Coin to grow further.
Applying the ADX indicator to the same chart also confirms the strength of the trend, as the index stands at 37.51 – an index range between 25 and 50 is considered as a strong trend.
In the same chart, the price remains above both the SMA of $0.67808 and the EMA of 0.67849.
GOAT Could Retest All-Time High Soon
As the technical indicators show favorable market sentiments, it is possible for the market to create a new all-time high soon. However, the ability of the market to grow higher demands on whether the market can keep this momentum intact or not.
What Happens if the Trend Reverse?
A recent analysis suggests that if the current bullish momentum in GOAT fails, the GOAT market could see a sharp price correction. The nearest support line is at $0.17, so a fall to the support would result in a huge drop of 73%.
In conclusion, the wide gap between the current price of GOAT and its support level highlights the risks of a potential reversal.
Stay tuned to Coinpedia for the latest updates on GOAT Meme Coin’s price momentum!
