Will GOAT Price Keep Climbing or Face a 12% Correction?

The post Will GOAT Price Keep Climbing or Face a 12% Correction? appeared first on Coinpedia Fintech News

Goatseus Maximus (GOAT) just hit a new all-time high. The price surge has a lot of traders excited, but will it last? GOAT’s price is climbing fast. The market is feeling pretty bullish. But will it keep going up or are there any signs of it slowing down, let’s find out.

Technical Signs

GOAT is up by 29.85% as compared to the last 24 hours despite a 3.97% decline in the trading volume. At the time of writing, GOAT is trading at a price of $1.1243. For the last 8 days, the meme coin has been moving in an upwards parallel channel. It got an upside breakout on November 15 however received a rejection at $1.271 level. This pushed the price down by 12.54%. At present, the moving average 20 along with the upper line of the parallel channel are providing support to the price.

The Average Directional Index (ADX) is at 36.94 showing there is still some power left in the trend. It is common as we can see the Relative Strength Index (RSI) had entered the overbought zone. This caused the price to have some correction for the cooling.

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Could GOAT Drop?

If the price fails to hold and bounce back from this level, there are chances it might face a 12.73% fall to the next support level. The moving average 50 is present around $0.9882 and holds the potential to prevent further downfall. The median of the parallel channel also happens to pass through the same area, providing additional support. 

An X user, Daan Crypto Trades shared his insights about the memecoin. According to the chart published by him, GOAT is at the verge of a heavy spike. The trader expects Binance to list this coin in the spot market soon.

What’s Next?

Goatseus Maximus is performing well compared to many other big cryptos. The 12.54% drop can be seen as a healthy correction that was necessary to cool-off RSI. ADX still above 30 shows the trend is still alive. There are chances that the price will bounce off the upper level of the parallel channel and will create another ATH. However in case of a downfall, there are multiple support levels present to hold the price. All the analysis shows good signs for GOAT, however the volatility in memecoins is unpredictable.