Goatseus Maximus [GOAT] recently achieved a new peak at $1.25 while its market capitalization surged to approximately $1.26 billion (with a billion GOAT tokens in circulation). With the token showing fresh gains leading into the weekend, there is a likelihood of further escalation based on the short-term liquidation analysis.
GOAT Token Breaks the $1 Mark, Reaches $1.25
Over the past few days, the market structure on the 4-hour chart has displayed a bullish trend that has been persistent since the start of November. Although the memecoin’s momentum temporarily paused around the $1 threshold, it broke out decisively on Friday, November 15.
For the last two weeks, the RSI on the 4-hour chart has consistently remained above the neutral 50 mark. Together with the token setting higher highs and higher lows, the RSI has corroborated the bullish outlook for GOAT.
Furthermore, the OBV indicator has shown a steady upward trajectory, indicating the dominance of bulls. The decline in trading volume since November 11 might raise concerns among bullish investors. Notably, the trading volume has remained below average throughout this week’s trading sessions.
Potential Short-Term Profits Indicated by Liquidation Analysis
An examination by CryptoCrypto revealed numerous short liquidation levels ranging from $1.16 to $1.2, surpassing the long liquidations located between $1.146 and $1.05. This imbalanced distribution suggests a probable upward movement as price tends to gravitate towards liquidity.
Therefore, a progression towards $1.2 seems feasible currently, but what lies ahead? The subdued trading volume implies weakness from buyers.
The analysis of the liquidation map suggests a likelihood of short-term gains due to potential liquidation cascades. However, it also presents a scenario where the price could reverse course between $1.2 and $1.3, leading to a decline towards $1.
Disclaimer: The views expressed are solely the writer’s opinion and do not constitute financial, investment, or trading advice.