Connect with us

Hi, what are you looking for?

Economy

Goatseus Maximus Price Hits A Block, Will It Crash 50%?

Goatseus Maximus Price Hits A Block, Will It Crash 50%?

Goatseus Maximus price has been on a tear since the meme coin’s inception, occasionally retracing to $0.45 before resuming the rally. However, recent analysis suggests that the goat-themed token may have reached a zone of major resistance around $0.9. After showing signs of weakness at this level, will the price of GOAT crash 50%? GOAT price is trading at $0.892, up 11.5% in the last 24 hours.

Will Goatseus Maximus Price Crash 50%

GOAT price action shows an upward trend in the short term, following a parabolic curve pushing prices higher. However, prices recently faced resistance of nearly $0.90, and the recent red candles suggest a potential pullback.

The popular meme coin’s trading volume has dropped by 48% in the last 2 days while the price has increased. This presents a bearish divergence, which signals a potential price drop in the coming days.

The lack of conviction from buyers to push the price above $0.90 could increase selling volume, leading to a potential pullback.

Key support levels to watch are $0.80, which aligns with the lower part of the parabolic curve, and the $0.45 level is marked as “Major Support,” indicating a crucial level if the Goatseus Maximus price undergoes a 49% crash.

GOAT Price Hits A Block, Will It Crash 50%?
Goatseus Maximus Price Analysis Chart

The relative strength index (RSI) is currently straddling the 70 mark, waving out of the overbought zone, and a sell signal indicates a potential price reversal.

Bullish Scenario for GOAT Price

While the ruling bias for the Goatseus Maximus price is currently bearish, shifting market conditions could alter the trajectory of the price and invalidate the bearish bias.

For instance, the Average Directional Index (ADX) is currently 31.14. Any value above 25 usually indicates volatility is high for the corresponding asset. Moreover, the ADX is facing upward, meaning volatility is still rising.

Goat Price Hits A Block, Will It Crash 50%?

Further, there is an overwhelming bullish sentiment from derivative traders, who, in the last 24 hours, have opened over $17 million longs on Binance, OKX, and Bybit, according to data from Coinglass. This figure is almost three times as large as the Shorts, which came in at just about $6 million.

Will It Crash 50%?

The observation is also reflected in the weekly and monthly timeframes.

Coinalyze Analytics shows the Goatseus Maximus open interest (OI) increased by 19%, suggesting that the overall amount of open futures contracts (both longs and shorts) is increasing.

Goatseus Maximus Price Hits A Block, Will It Crash 50%?

Combined with the rising price, it signals that traders are entering long positions because they believe in the future, the GOAT price will be higher, potentially even reaching $1 and $10.

The post Goatseus Maximus Price Hits A Block, Will It Crash 50%? appeared first on CoinGape.

You May Also Like

Investing

Fisker (NYSE: FSR) stock price has been one of the best-performing electric vehicle (EV) stocks this week even as Tesla slumped. The shares jumped...

Investing

Newmont (NYSE: NEM) reported mixed financial results even as the price of gold approached its all-time high. In all, the company’s earnings per share...

Investing

The Fox Corporation (NASDAQ: FOX) stock price has been under pressure as investors come to terms with the abrupt firing of Tucker Carlson. The...

Investing

NatWest (LON: NWG) share price rose sharply, helped by the strong results from Barclays. The stock jumped to a high of 274.8p, which was...




Disclaimer: Oldamericanbroker.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the-company.


Copyright © 2024 Oldamericanbroker.com