The price of GOAT has surged 214.29% in a month, recently reaching a market cap of $1 billion and confirming its position as the 10th largest MEME Coin. Currently, it stands above MOG, the coin that is closely following it in the rankings.
However, recent indicators suggest that the uptrend of GOAT may be weakening, raising the question of whether it can maintain this momentum or face potential correction.
GOAT's BB Trend Has Turned Negative for the First Time in 4 Days
GOAT's BB Trend has turned negative for the first time since November 17, currently at -0.54. This shift indicates that bearish momentum may be starting to emerge, and the recent upward path of the asset may begin to weaken.
BBTrend measures the strength and direction of price trends using the Bollinger Bands, with positive values indicating an uptrend and negative values signaling a downtrend. A negative BBTrend reflects increasing downward pressure, which may signal a more widespread change in the market.
GOAT had an impressive November, gaining 61% and reaching a new all-time high on November 17.
However, if the current negative BBTrend continues and strengthens, it may signal the potential for a more significant price decline.
GOAT is in a Neutral Zone
GOAT's RSI has dropped to 52, compared to over 70 a few days before it reached its all-time high. This decline suggests that buying momentum has slowed, and the market has moved out of overbought territory.
This decrease demonstrates a shift towards a more neutral sentiment as traders consolidate their profits, and the previous strong upward pressure has weakened.
RSI measures the strength and rate of price changes, with values above 70 indicating overbought conditions and below 30 signaling oversold conditions. At 52, GOAT's RSI is in a neutral zone, not showing strong bullish or bearish momentum.
This may mean that the current uptrend is losing steam, and the price may stabilize or consolidate unless buying pressure increases again.
GOAT Price Prediction: A New Rally Up to $1.50?
If GOAT's current uptrend regains strength, it may test the all-time high of $1.37 and further solidify its market position above the $1 billion mark, a key threshold for being the largest MEME Coin in the current market.
Surpassing this level could pave the way for further increases, potentially reaching the next resistance at $1.40 or even $1.50, signaling a revival of bullish momentum and market confidence.
However, as indicated by indicators like RSI and BBTrend, the uptrend may be losing steam. If a bearish trend emerges, GOAT's price could test the nearest support levels at $0.80 and $0.69.
If these levels fail to hold, the price could decline further, potentially reaching $0.419, threatening its position in the top 10 largest MEME Coins.
