Goatseus Maximus has gained 15% in the past 24 hours and is trading at $0.6579 as of 7:18 AM EST, with trading volume up 31% to $424 million.
Goatseus Maximus price may continue to break above resistance, maintaining uptrend
The 4-hour GOAT/USD chart on DEXTools shows a possible bullish reversal after a significant price correction. The current price is around $0.6579, recovering from the local support around $0.6000.
This support level has acted as a strong barrier on several occasions and has formed double bottom patterns in the past, suggesting that it is a reliable area for buyers to come in. The recent price action hints that the market could bounce off this level, creating the possibility of a trend reversal.
GOATUSD analysis source: Dextools.io
The 50-day exponential moving average (blue) at $0.7167 and the 200-day exponential moving average (green) at $0.8570 remain above current prices, reflecting a bearish crossover in the previous trend. However, the current recovery has pushed prices closer to these levels, and a break above the 50-day moving average could signal further gains.
The MACD indicator is turning bullish, with the histogram showing a weakening of bearish momentum, while the MACD line is crossing the signal line upwards. Similarly, the RSI (Relative Strength Index) is recovering from the oversold zone and is currently at 49.94, indicating that bullish sentiment is improving.
If the price continues to rise, the first resistance to watch is the $0.7200-0.7400 range, which coincides with the 50-day moving average. A breakout of this area could pave the way for a retest of the $0.8570 level, which coincides with the 200-day moving average and constitutes a major resistance level.
On the downside, failure to sustain above the $0.6000 support will invalidate the bullish reversal and could result in a deeper correction that could target around $0.5000.
The market is currently showing signs of recovery, but it needs to be confirmed by increasing trading volume and a sustained trend above the moving averages to have stronger confidence in the bullish outlook.
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