Goatseus Maximus [GOAT] has witnessed an impressive 56% increase in just 32 hours and appears poised for further growth.
This memecoin, with a market cap of $722 million, experienced a recent retracement phase lasting ten days before starting a rapid ascent on the 4th of November.
Although trading volume had been decreasing, there was a noticeable shift in this trend. Momentum on shorter timeframes strengthened, and capital inflow began to rise.
Upward Momentum of Goatseus Maximus
Analysis of the 4-hour chart reveals a bullish market structure as GOAT surpassed the $0.566 mark. Since November 4th, it has been consistently forming higher highs and higher lows.
The DMI indicator confirmed this bullish pattern, showing a significant upward trend with ADX (yellow) and +DI (green) above the 20 level.
Simultaneously, the MFI indicator moved upwards, entering the overbought zone.
Potential bearish divergence in the days ahead may indicate a pullback from the $0.9 resistance level. Market expectations suggest a movement towards this zone in the coming days.
The breakout is contingent on market sentiment and the direction of Bitcoin [BTC] movement.
Positive Short-Term Market Sentiment and Demand Outlook
In the last 24 hours, both spot CVD and Open Interest saw rapid increases, signaling robust demand in spot markets and heightened speculative interest.
These indicators suggest a sustainable upward trend that could extend beyond the $0.9 threshold.
The higher Funding Rate indicates strong bullish sentiment; however, it also hints at discrepancies between spot and derivatives prices. The $0.9 levels act as a significant supply zone.
Traders and investors may consider re-entering long positions after observing support being established around the $0.9 and psychological $1 levels.
Disclaimer: The opinions presented are personal and do not constitute financial advice, investment recommendations, or trading guidance.