The price of GOAT coin has experienced a remarkable surge of over 31% in the past 24 hours, signaling a potential reentry into the territory above $1. As of the current moment, the daily trading volume for GOAT has reached $390M, reflecting a substantial increase of 7%, which pales in comparison to the impressive price surge.
Technical analysis of GOAT/USDT pairing indicates a previous downtrend, but a strong support level was identified around the $0.46 mark. This support zone acted as a catalyst for a rebound, resulting in the aforementioned price gains and hinting at a positive market sentiment.
Presently, GOAT appears to be inching closer to the critical $0.70 level, which serves as a key resistance point. Breaking through this resistance and establishing it as support could pave the way for further upward movement in the price.
The continuation of GOAT’s bullish momentum depends heavily on its ability to sustain levels above this crucial resistance-turned-support area.
If this trend persists, it could propel GOAT towards the previous high of $1.4, potentially setting a new all-time high for the coin.
Nevertheless, there remains an air of uncertainty in the market as evident by the quote, “spend a bit more time below, might not,” emphasizing the unpredictable nature of current price levels in determining future price actions.
Key Points to Consider for GOAT Coin and Social Sentiment
Further examination of GOAT on a weekly basis has revealed a significant liquidity zone where a substantial number of leveraged positions face the risk of liquidation. The presence of nearly $1 million worth of leveraged orders clustered around the $0.866 mark poses a potential liquidation threat should GOAT’s price reach that level.
This concentration of positions suggests that a movement towards this price point could trigger heightened buying activity as traders aim for the amassed liquidity.
Breaking past the $0.866 resistance level could potentially initiate a strong uptrend for GOAT coin, triggering a series of short squeezes and rapid price increases. The significance of this level lies in its ability to attract price action, particularly if the bullish momentum persists.
Not only has GOAT witnessed a surge in price, but its social media presence has also elevated its ranking to the 14th position on CoinMarketCap’s trending list in the last 24 hours.
This increased visibility has heightened investor interest and market exposure. Historically, such visibility has translated into higher trading volumes and subsequent price appreciation as more traders join the bandwagon. This surge in price and trending status could potentially lay the foundation for a sustainable uptrend in the price of GOAT coin, as greater public awareness tends to draw more speculative buying in the short term.