The prominent AI meme coin Goatseus Maximus [GOAT], which was introduced on Pump.fun, Solana’s largest coin launchpad, has been observing significant activity in the market.
As of the latest reports, GOAT was valued at $1.04, indicating a decrease of 9.51% in the last 24 hours.
Despite this recent drop, GOAT has displayed a notable 25.87% surge over the past week, demonstrating strong weekly performance. The coin has a total supply of 1 billion tokens, translating to a market capitalization of $1.04 billion at present.
The trading volume within a 24-hour period stood at $382.8 million, indicating active involvement from investors.
Analysts and traders have shown keen interest in GOAT’s recent performance, especially as it navigated crucial support levels during its pullback phase.
GOAT re-evaluates crucial support levels
The recent price decline in GOAT ensued after the coin hit a peak of $1.40, triggering a strong selling pressure at this level and subsequently resulting in a dip.
Simultaneously, the token began retesting significant support levels known for offering stability in the past.
According to cryptocurrency analyst Miles Deutscher, the price closely followed the “money noodle indicator,” which depicted a dynamic support zone represented by a gray band on the chart.
Deutscher highlighted GOAT’s historical trend of “bouncing off this level multiple times” before embarking on new rallies.
As of the current moment, GOAT was hovering near the $1.08 support zone, a pivotal area that traders are monitoring for potential upward movement.
Further support thresholds are identified at $0.80 and $0.60, although these have not been recently tested.
Potential market fluctuations
Information from Coinalyze revealed that the Open Interest (OI) for GOAT’s perpetual Futures contracts totaled $238.8 million, with a 1.75% decline recorded in the past 24 hours.
This reduction in OI indicates a slowdown in trading activity, with some investors potentially exiting positions amidst the recent price volatility.
Binance and Bybit led the perpetual Futures market for GOAT, accounting for a combined 94% of the total OI. Binance held the majority share at $122.7 million, trailed by Bybit at $102.6 million.
Smaller portions of the market were held by other platforms like OKX, Kraken, and WOO X.
Market forecast and trading trends
GOAT’s price movement mirrors the broader market trend, showcasing short-term pullbacks following extended upward movements.
The coin’s ability to sustain essential support levels during its retracement phase will play a critical role in deciding whether it resumes its upward trajectory.
Traders are closely observing the $1.08 support level, which aligns with the dynamic moving average band.
A prolonged drop below this point might push the token towards its subsequent support thresholds at $0.80 and $0.60, while a recovery at the current levels could reignite bullish momentum.