Goatseus Maximus [GOAT] witnessed a rapid increase in its popularity. This memecoin with a market cap of $300 million was swiftly catching the eye of investors due to its unique distinction as the first memecoin autonomously generated by an artificial intelligence.
The narrative surrounding an AI-driven creation of a memecoin, aggressively promoted and on its way to substantial gains, is a tale that would have been dismissed as implausible just a few years back but is now turning into reality.
Contradictory signals from the volume indicator
Debuting on the 14th of October, the token’s hourly chart displayed a consistent upward trend. Analysis based on Fibonacci retracement levels revealed a retracement to the 50% level at $0.219.
Following this retracement, the price surged by 84% in the last 24 hours, altering the market structure to a bullish stance and revisiting the $0.34 highs.
The support zone ranging from $0.27 to $0.29, previously a resistance zone on the 16th, might now function as support for the current trend.
The Relative Strength Index (RSI) has declined alongside the price in recent hours, indicating a decrease in bullish momentum. To add to concerns, the Accumulation/Distribution (A/D) indicator has also been on a downward trend.
These indicators suggest that the buying pressure may not be sufficient to sustain the upward trajectory that GOAT demonstrated in the early hours of Wednesday.
Sentiment analysis brings optimism for traders
Over the past few days, there has been a notable increase in social media activity. The heightened engagement is a positive sign, and the weighted sentiment has also risen correspondingly with the upward price movement.
Both AI and memecoin segments have been standout performers since the latter part of September.
Combining these elements, Goatseus Maximus could swiftly gain momentum in a market where hype and sentiment often drive triple-digit gains within days.
Disclaimer: The content provided here should not be considered as financial, investment, trading, or any other form of advice and reflects solely the writer’s viewpoint.