The crypto market has been following a bullish uptrend since the beginning of the month, with the Bitcoin price targeting a $100k rally. However, the same is on a comparative downtrend, as the BTC price has dropped from $99.6k to $93.4k, impacting the bullish behavior of the market. With the ongoing crypto market downtrend, most tokens are facing a correction, except GOAT price, which is surprisingly bearing gains, as it has surged 15% in the last 24 hours.
Why Is the GOAT Price Up Today?
While the user sentiments are taking a step back to analyze the market potential, many cryptos have entered a consolidation phase. Meanwhile, the popular memecoin Goatseus Maximus is rising on the charts, gaining 15% over the last 24 hours. With that, the GOAT is now trading at $0.8612 with a market capitalization of $861.09M.
Interestingly, the token has gained investors’ attention today, as the trading volume is 34% up to $422.64M, which is significant considering its earlier drop. The token has passed its prime, creating an ATH of $1.22 on November 17 following a downtrend and consolidation days for days. However, AI cryptos are witnessing gains today, with OpenAI securing a $1.5B investment from SoftBank. Although Goatseus Maximus is not accurately an AI token, its connection with the popular AI bot Truth terminal places it in this rally.
Moreover, its demand is constantly high due to its earlier bullish performance. More importantly, the holders are anticipating further rallies. The Coinmarketcap voting clears this, as 77% of the 16152 participants believe in its bullishness.
Interestingly, the entire Solana memecoin sector is seeing a significant increase in trading volume, supporting the GOAT price. In this, the CHILLGUY, a newly launched token, is bagging the heaviest gains due to the original meme popularity over TikTok. With that, the CHILLGUY price soared to a new ATH after a 43% surge.
Will Goastseus Maximus Price Continue To Rise?
At the time of reporting, there is significant bullishness around the Goatseus Maximus, fueling its price rally. However, the technical indicators indicate a strong selling pressure on the token, which could affect its performance, especially in the current crypto market conditions.
On the 24-hour charts, the GOAT price hit the bottom at $0.7 and the day high at $0.88 but is maintained above $0.82 for hours. The token has its next resistance at 0.93878, and if it surpasses that, the token could ensure an uptrend toward the ATH of $1.22. However, with the seller’s activity, the price could consolidate and decline to $0.5. For now, the token is holding its position above all the key support levels, and the RSI is also neutral. So, the GOAT price is likely to continue if the trends stay the same.
Final Thoughts
Goatseus Maximus is another popular Solana memecoin that has loaded its holders with profits right after its launch. However, the token entered a downtrend after achieving an ATH in the middle of the month following the Bitcoin price rally. Interestingly, the trends have changed in the last 24 hours, as the GOAT price surged 15% and is likely to go higher if the trend continues. However, in contrast, there is also significant selling pressure on the token, which could push the value down to $0.5.
The post Here’s Why GOAT Price is up 15% as Crypto Market Crashes appeared first on CoinGape.
