The token Goatseus Maximus [GOAT] has witnessed a remarkable 56% increase in value within a mere 48 hours and shows further potential for upward movement.
Despite experiencing a period of consolidation over the last week, with the market cap currently at $722 million, this memecoin has demonstrated rapid gains since November 4th.
Although trading volume had been dwindling, recent trends indicate a shift. The lower timeframes exhibit a growing upward momentum, with an increase in capital inflow.
Goatseus Maximus Shifts Towards an Upward Trend
Analysis of the 4-hour chart suggests a bullish market structure as GOAT surpassed the $0.566 mark. A pattern of higher highs and higher lows has been forming since November 4th.
The DMI indicator aligns with this bullish pattern, indicating a strong uptrend with both the ADX (yellow) and +DI (green) above 20.
Additionally, the MFI has been trending upwards and has entered the overbought zone.
Potentially, a bearish divergence could signal a pullback from the resistance zone at $0.9. A move towards this level is anticipated in the upcoming days.
The breakout will depend on Bitcoin’s market sentiment and trend.
Short-term Outlook Favors Bullish Sentiment and Demand
Recent data reveals a rapid increase in spot CVD and Open Interest over the past 24 hours. This uptick signifies growing demand in spot markets and heightened speculative interest.
These trends indicate the potential for a sustained upward movement, possibly surpassing the $0.9 threshold.
The elevated Funding Rate reflects a strongly bullish sentiment but also highlights discrepancies between spot and derivatives prices. Notably, the local highs around $0.9 indicate a significant level of supply.
Traders and investors are advised to monitor the market closely and consider re-entering long positions after the $0.9 and psychological $1 levels have been established as support.
Disclaimer: The information provided in this article is the author’s personal opinion and does not constitute financial, investment, or trading advice.