Goatseus Maximus (GOAT), a meme coin based on the Solana blockchain, has emerged as the biggest gainer in the cryptocurrency market, surging by 43% in the last 24 hours. The price jump comes amidst a broader market rally triggered by the results of the U.S. elections, with pro-cryptocurrency candidate Donald Trump gaining significant attention. His influence, alongside support from other crypto advocates, has sparked optimism in the market.
At the time of writing, GOAT is trading at $0.6960, having seen its 24-hour trading volume skyrocket by 87% to $263 million. The coin’s market capitalization has reached $680 million. The surge indicates a solid upward trajectory, with the formation of a bullish “rounded bottom” pattern, often signaling a trend reversal from bearish to bullish.
Technical analysis shows a strong support zone around the $0.4181 level, which held firm during a dip on November 3. As the price crosses the 0.382 Fibonacci retracement level at $0.6309, it’s now eyeing the next resistance at $0.7404. A breakout above this could drive GOAT further towards the $0.8803 level, a key resistance point in line with previous highs.
The coin’s Relative Strength Index (RSI) is at 64.87, signaling positive momentum without approaching overbought territory, suggesting further buying pressure could push prices higher. However, should the price experience a pullback, it could find support near $0.6309 or the 0.5 Fibonacci level at around $0.5425, offering re-entry opportunities for traders.
This price surge mirrors the broader cryptocurrency market’s optimism, spurred by Trump’s lead in the presidential race. According to the Associated Press, Trump holds 267 electoral votes, leading Vice President Kamala Harris, who has 224. Trump’s pro-crypto stance has injected confidence in digital asset markets, with Bitcoin recently surpassing $75,000.
As political developments continue to shape the crypto landscape, Goatseus Maximus’s bullish momentum is poised to continue, particularly if Trump’s political standing remains strong. Key resistance levels to monitor are $0.7404 and $0.8803, while any decline could test the support zone around $0.4181.
Related topics:
PeckShield Reports October Crypto Hacks Result in $88.4 Million in Losses
CoinDCX Introduces Custody Feature for Enhanced Crypto Security
