Key Takeaways:
Goatseus Maximus (GOAT), a newly launched meme cryptocurrency on the Solana blockchain, has gained significant traction and popularity within the market in recent days. Following its listing on the Crypto.com and Bitget exchanges, GOAT’s price surged by nearly 150% as it attracted considerable trading volume and interest from investors.
GOAT Surges Following Endorsement By Truth Terminal
The popularity of GOAT spiked after it was endorsed by the Andreessen Horowitz-funded AI bot “Truth Terminal”. Rumors about the token being launched by the bot had its valuation skyrocketing to $150 million.
The creator of Truth Terminal came out with an X post on October 13 stating that the bot was not directly responsible for launching the GOAT coin, but was involved in promoting the memecoin.
Goatseus Maximus was launched on the Solana-based memecoin deployer platform pump.fun on October 10,
In less than 24 hours between October 16 and 17, the price of GOAT soared 41% as the token was changing hands at $0.2845 a piece. It also posted a 10% pump in daily trading volume, which hit $166 million.
The token has continued to climb, jumping another 20% in the past 24 hours, a 20,000% increase from the launch price last Thursday. GOAT has by far been the best-performing Solana meme coin over the past week.
Even after the surge cooled off a bit after a 55% overnight surge, GOAT has continued its momentum, maintaining the 20% gain it made over the past day. The memecoin also saw $143 million in spot market trading volume since yesterday. Furthermore, GOAT is currently ranked sixth on CoinMarketCap’s trending crypto list.
Bull Are Largely in Control of the GOATS Market
The GOAT/USDT chart is showing an upward trend in the 1-hour timeframe, with the price moving within a bullish channel, bouncing off the lower trendline and heading towards the upper one.
The first support level for GOAT is around $0.1579, which was the area where its price previously consolidated before starting to climb. Now, a second support level has formed near $0.2242, indicating a higher low. If the token’s price were to suffer a pullback, then Support Level 2 could become key before it continues its upward movement.
The chart also displays a parabolic curve, suggesting that the price could start moving up more quickly, resulting in sharper gains. Experts suggest that the bullish trend for GOAT should continue as long as the price stays above this curve.
GOAT’s 50-day moving average at $0.2242 also confirms that the uptrend remains strong, despite the 200-period moving average not being visible in the short timeframe since it was launched.
However, the Moving Average Convergence Divergence or MACD shows a bearish crossover, as the line is below the signal line, and the histogram is negative. This suggests that GOAT may be in for a small dip in the short term. Overall, the bullish trend is still in play.
The Relative Strength Index (RSI) for GOAT is at 54.01, which is in a neutral position, indicating that the price isn’t overbought or oversold. This gives the bulls more room to push the price higher without facing strong resistance.
To summarize, the price of GOAT remains in the bullish channels and any pullback could present a good buying opportunity, especially around the $0.2242 range.
Memecoin Market Stabilizes As GOAT Frenzy Starts To Melow Down
While GOAT made significant gains this week, the broader meme coin market has taken a breather. Some are even starting to wonder whether GOAT’s vertical rally might finally be hitting the peak.
The token has dipped in the past few hours, suggesting that early investors might be taking out profits. This is not concerning as it is a common occurrence with viral meme coins.
Popular trader “Roaring Kitty” took to X to state that he is struggling to find a better meme coin in the current market than GOAT.
At the time of writing, Goatseus Maximus (GOAT) is trading at $0.3354 – up 12.65% in the last 24 hours. The viral memecoin currently has a market capitalization of $336.5 million and achieved a daily trading volume of $155.3 million.
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