Nov 19, 2024
6thTrade
After a 34.19% weekly surge that pushed Goatseus Maximus (GOAT) to a $1 billion market cap, the momentum appears to be waning. Key technical indicators like the RSI and ADX suggest a slowdown, raising questions about GOAT's ability to sustain its bullish trend.
Momentum Weakens as Indicators Signal Recalibration
The Average Directional Index (ADX) for GOAT has dropped from 38 to 29.77, indicating a weakening trend. While still above the threshold for a strong trend (25), the decline suggests the uptrend is losing strength. If this downward trajectory continues, the market may shift into a sideways or bearish phase.
Similarly, the Relative Strength Index (RSI) has cooled to 50.60 after being overbought above 70. This reflects reduced buying pressure as the market recalibrates. With the RSI now in neutral territory, GOAT lacks the strong momentum needed for further significant gains.
Key Levels to Watch
GOAT’s price sits at a critical juncture:
Resistance at $1.36: A successful break above this level could reignite bullish momentum.
Support at $0.80 and $0.69: A failure to hold these levels could trigger a deeper correction.
Outlook
While GOAT’s EMA lines remain bullish, weakening short-term trends suggest caution. Traders should monitor key levels closely as the market determines whether GOAT will resume its uptrend or face a significant correction.