Goatseus Maximus (GOAT), the AI-based meme coin trending recently, has hit a new all-time high after Binance announced that it would list the cryptocurrency. Following this development, the GOAT meme coin price climbed to $0.88.
This development has sparked speculation in the market, with some suggesting that the market cap could surpass $1 billion. Will that happen?
Binance Futures Listing Pushes the Volume Higher
According to the Binance announcement earlier today, the exchange will list the GOAT meme coin on the futures market, and users will be able to trade the meme coin using up to 75x leverage.
Before the disclosure, GOAT’s price was $0.77. But after that, the crypto’s value surged to $0.88 before it pulled back slightly to $0.85. Following the development, the volume surged to a new high of $434.88 million.
In the crypto market, trading volume represents the total number of coins or tokens traded over a specific period. It is a crucial metric that offers insights into market activity and liquidity, helping to gauge the strength and interest in a particular cryptocurrency.
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If sustained, the rising trading volume, coupled with GOAT’s surging value, could push the price above $0.88. Additionally, the Binance futures listing allows more traders to gain exposure to the AI-driven meme coin.
This trend appears to be taking shape as Open Interest (OI) continues to climb. According to Coinglass, OI in GOAT has surged by 272% in the last 24 hours, reaching $13.82 million, indicating growing interest from the market.
High Open Interest, by itself, signifies strong momentum behind the current market trend. Therefore, if the OI continues to increase, the GOAT’s uptrend will likely persist.
GOAT Price Prediction: Decline Before Rebound
On the 4-hour chart, the GOAT meme coin price has pulled back from $0.88 and is at $0.78. This retracement could be because the meme coin is overbought. For instance, the Bollinger Bands (BB) on the chart shows that the upper line of the indicator has touched GOAT’s price.
While this indicates rising volatility around it, it also indicates that the token has been overbought, as mentioned earlier. Assuming the lower band of the BB touched the price, then it would have been deemed oversold.
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Considering this outlook, GOAT’s price could decline to $0.70, where the 23.6% nominal pullback sits. However, if Open Interest and volume continue to rise, the price is likely to bounce off the slight retracement. In that instance, it could climb toward $1.
Disclaimer
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Source: https://beincrypto.com/binance-lists-goat-meme-coin/