Why GOAT Price Surged Nearly 50%?

Published by

Sohrab Khawas

November 6, 2024

As the altcoin rally gains momentum, with Bitcoin recording a new all-time high, Goatseus Maximus (GOAT) is the top-performing crypto in the top 100 list. It has increased as the altcoin market, excluding Ethereum, surged 5.75% in the last 24 hours, reclaiming the $636 billion market cap.

As Goatseus Maximus leads the way, the bull run is heading to the $1 psychological mark. Will this bullish trend result in a new all-time in GOAT prices? Here’s Coinpedia’s technical take on the rising meme coin.

Goatseus Maximus Price Analysis

In the 4-hour chart, the Goatseus Maximus price trend reveals a falling-wedge breakout rally gaining momentum. In the past 24 hours, it has increased by more than 40% and is inching closer to the market cap of $700 million.

Since its inception, it has increased by more than 600%. Currently, it is trading at $0.6832 and shows a wedge breakout rally gaining momentum.

Using the trend-based Fibonacci level over the prevailing bull run and the falling-wedge pattern, the meme coin has surpassed the 23.60% Fibonacci level, priced at $0.6202.

Technical Indicators:

EMA: The 50D EMA maintains an upside trend as the buying pressure continues to surge.

MACD: The MACD and signal lines are maintaining a bullish trend as the positive histograms are skyrocketing.

Will GOAT Prices Hit $1?

As the breakout rally gains momentum, the next critical resistance for gold stands at a 50% level, priced at $0.8275; with the increasing chances of Trump winning the elections and the rising demand for altcoins, especially meme coins like Goatseus Maximus, the uptrend is likely to reach the dream target of $1.

Hence, despite the massive surge of more than 40% in the past 24 hours, the meme coin shows an upside potential of an additional 40%. On the flip side, a potential retest of the $0.62 mark is possible before a post-retest rally. Hence, the downside risk is limited to 10%.

Curious to know if the biggest altcoin will reach $5k in this bull market? Find out now in Coinpedia’s Ethereum price prediction.

FAQs

Will the GOAT Price reach $1?

With the crypto bull run and the falling wedge breakout rally, GOAT price will likely reach $1.

What is the current price of GOAT token?

The current price of GOAT token is $0.6826.

Will the uptrend in GOAT continue?

As the GOAT token gains momentum, the broader market recovery improves the long-term uptrend chances.

Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.

Published by

Sohrab Khawas