The price of Goatseus Maximus (
GOAT) recently hit a new record high. This rise was accompanied by strong readings from technical indicators that portended a continuation of the uptrend.
However, some signs suggest that GOAT's rise may be slowing down.
GOAT's trend has started to weaken
GOAT's current ADX is 27.63, down from 36 last week. This indicator measures the strength of the trend: it ranges from 0 to 100, where values above 25 indicate a strong trend and below 20 indicate no trend.
The GOAT ADX of 27.63 indicates that the
#Uptrend is still active, although not as strong as before.
Goatseus Maximus is approaching the overbought zone
The GOAT's current relative strength index (
#RSI ) stands at 67.63. It jumped from 50 in just a few hours: while this sharp rise indicates strong buying interest, it also brings the memcoin closer to overbought levels.
The Relative Strength Index ranges from 0 to 100, where values above 70 indicate overbought and below 30 indicates oversold. GOAT's current RSI indicates that the asset is overheated.
GOAT Price Forecast: possible correction of 39%
Even though GOAT is approaching the overbought zone, its EMA lines still look very optimistic. The price of the memcoin is above all EMAs, with the short-term lines located above the long-term lines. This placement indicates strong upward momentum and confirms a healthy bullish trend.
However, if investors start actively taking profits, the price of Goatseus Maximus could pullback to the nearest support at $0.76. If it fails to hold, the memcoin is waiting for a more serious fall to $0.69, which means a possible 39% correction.
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