Goatseus Maximus (GOAT) Price Expected to Hit New Highs, Continued Strength

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The price of GOAT (Greatest of All Time) has increased by 53.56% in the last 24 hours and 153.74% in the last week. The strong trend momentum shown by the ADX and RSI indicators suggests that if the buying interest continues, GOAT can soon challenge its previous all-time high.

However, the possibility of a trend reversal can pose significant downside risk due to major support levels much lower than the current price. This setup highlights both the opportunities and risks that traders should consider in the coming days.

GOAT's ADX Indicator... Decreased but Still Strong

The current GOAT ADX (Average Directional Index) is 32.50, indicating that the ongoing trend is still strong. ADX is a technical indicator that measures the strength of a trend, whether it is an uptrend or a downtrend, and ranges from 0 to 100.

An ADX value below 20 indicates a weak or non-existent trend, while a value above 25 indicates a strong trend. GOAT's ADX of 32.50 shows that market participants are pushing in one direction with considerable momentum.

GOAT ADX.
GOAT ADX. Source: TradingView

Despite the fact that the ADX fell from above 60 three days ago, it is still maintaining a solid level above 30, indicating that the current trend remains strong. This suggests that the market can continue to move in the direction of the trend, even though the trend strength has recently decreased.

This implies that the GOAT price has the potential to reach a new all-time high in the next few days. As the trend strength is still considerable, the continuation of the upward momentum can push the GOAT price higher again.

Read more: 11 Solana Memecoins to Watch in October 2024

RSI Indicator Exits Overbought Territory

The current GOAT RSI (Relative Strength Index) is 64.65, having declined from above 70 in recent days. This means that GOAT has recently experienced strong buying pressure, but the momentum has somewhat eased, and it has exited the overbought territory.

RSI is a momentum indicator that evaluates whether an asset is overbought or oversold, ranging from 0 to 100. Generally, an RSI above 70 indicates an overbought state, suggesting a possible correction. Conversely, an RSI below 30 indicates an oversold state, pointing to potential buying opportunities.

GOAT RSI.
GOAT RSI. Source: TradingView

The current RSI of 64.65 suggests that GOAT is no longer in an overbought state and has room for further upside. The fact that the RSI has decreased without falling into an oversold state indicates that the market is not completely losing its upward trend and is cooling off.

This implies that the recent surge has not completely exhausted the buying interest, and GOAT still has the potential to grow if new buying pressure emerges.

Increased Likelihood of Retesting the All-Time High of $0.779

Considering the current ADX and RSI levels, GOAT can soon test its previous all-time high of $0.779 again, representing a potential upside of 23.8%. The strong ADX reading suggests that there is still momentum in the current trend. Additionally, the RSI no longer being in an overbought state indicates room for further gains.

These factors create a favorable setup for GOAT to challenge its previous peak, as long as the market sentiment remains supportive. This can make GOAT one of the most relevant memecoins within the Solana ecosystem.

Read more: How to Buy Solana Meme Coins: A Step-by-Step Guide

GOAT Price Analysis
GOAT Price Analysis. Source: TradingView

However, if the trend reverses, there is significant downside risk, as the major support level is at $0.17, representing a potential price correction of 73%. This large gap between the current price and the support level emphasizes the importance of the sustained upward trend. If not, GOAT may experience a sharp decline if selling pressure increases.

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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