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.
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.
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.
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.
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.
Frequently Asked Questions (FAQs)
Goatseus Maximus price has reached a key resistance level around $0.9, where previous rallies have slowed down. The recent red candles and declining trading volume suggest a potential pullback from this zone
Yes, there is a risk of a 50% decline if the price fails to hold key support levels. A drop to $0.45 is possible if the bearish signals, like the volume-price divergence and overbought RSI, play out.
Yes, despite the bearish signals, bullish sentiment from derivative traders and rising volatility (as indicated by ADX) suggest the potential for a continued rally. If buyers gain control, the price could break resistance and head toward $1 or higher.
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Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/goatseus-maximus-price-hits-a-block-will-it-crash-50/
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