During the previous month, Goatseus Maximus [GOAT] experienced an extraordinary surge of 788.99%, and within the last seven days alone, it recorded an additional increase of 66.12%.
As of the current moment, GOAT has seen a rise of 2.12%, leading to the crucial question of whether it can sustain its upward momentum.
GOAT Aims for a Potential 41.65% Rally, Pending Breakthrough of Key Resistance
GOAT finds itself at a critical stage following its recent attainment of a new peak. To continue its upward trend, the asset must overcome a significant resistance level at $0.8434, a point that has previously caused retracements.
Should GOAT successfully convert this resistance into support, it could experience a surge of 41.65%, reaching $1.1946—similar to a movement observed back in September.
Achieving this target could potentially drive GOAT’s market capitalization beyond $1 billion, surpassing its previous all-time high of around $930 million.
Conversely, if the resistance holds and prompts a price decline, GOAT might retrace to $0.7340, where it could find a support zone for a potential rebound.
Strong Upward Momentum Maintained as Bullish Signals Emerge from Technical Indicators
To assess the technical landscape of the market, CryptoCrypto has scrutinized the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), both of which are indicating a bullish trend.
The RSI, responsible for measuring price momentum and potential trend directions, presents an optimistic outlook. Currently sitting at 62.69, the RSI hints at robust buying activity and the prospect of further upward movements.
Likewise, the MACD displays a bullish scenario by forming a Golden Cross, denoting the instance where the blue MACD line crosses above the orange signal line. This particular crossover commonly signals upward momentum, bolstered by rising volume and gains.
Although the technical indicators indicate a strengthening rally, on-chain metrics offer additional insights into market sentiment.
Added Stress on GOAT’s Market Trajectory
Further examination utilizing data from Coinglass uncovers that the open interest in GOAT has decreased by 3.87% over the last 24 hours, reflecting an increase in market sell-offs and a rise in short positions.
The Long/Short ratio, presently at 0.9448, indicates a bearish sentiment, suggesting that there are more bears than bulls in the market. Moreover, a considerable long liquidation of $2.57 million hints at a potential downtrend for the asset.
Should these metrics persist, GOAT might continue its decline, potentially aiming for the lower support level at $0.7340.