GOAT Hits All-Time High: What's Next?
The price of Goatseus Maximus (GOAT) recently reached a new all-time high, currently trading at $1.3171, marking a 13.08% increase. This surge was supported by positive technical indicators that suggested the uptrend might continue. However, there are some signs that the rally could be slowing down.
GOAT's Trend Weakens
GOAT's current ADX (Average Directional Index) stands at 27.63, down from 36 last week. The ADX measures trend strength, with values above 25 indicating a strong trend. While the current reading still shows an active uptrend, it’s not as robust as before.
Approaching Overbought Territory
The Relative Strength Index (RSI) for GOAT has surged to 67.63, up from 50 in just a few hours. While this sharp increase signals strong buying interest, it also suggests the coin is nearing overbought conditions. The RSI ranges from 0 to 100, and values above 70 typically indicate overbought conditions.
Price Forecast: Potential 39% Correction
Despite the overbought signals, GOAT’s Exponential Moving Averages (EMAs) remain bullish, with the price above all EMAs and short-term lines positioned higher than long-term ones This indicates strong upward momentum. However, if profit-taking becomes widespread, the price could pull back to the nearest support at $0.76. If this level fails to hold, a more significant decline to $0.69 could occur, representing a potential 39% correction.