- GOAT has a bullish market structure with a lower time frame.
- The DMI index showed a strong upward trend.
Goatseus Maximus [GOAT] has risen 56% in 32 hours and is likely to rise further.
The $722 million market cap memecoin has been in a retracement phase for the past ten days, but saw rapid gains starting on November 4.
Trading volume has also decreased, but this has started to change. At the lower terms, the upward momentum has strengthened and capital flows increased.
Goatseus Maximus is starting to show an upward trend
Source: GOAT/USDT on TradingView
The market structure on the 4-hour chart is bullish as GOAT crossed the $0.566 level. Since November 4, it has formed a series of higher highs and higher lows.
The DMI agreed with the bullish structure and reflected a strong uptrend, with the ADX (yellow) and +DI (green) above 20.
At the same time, the MFI had moved north and was in overbought territory.
A bearish divergence in the coming days could portend a correction from the $0.9 resistance zone. A move towards this region is expected in the coming days.
A breakout depends on the market sentiment and trend behind Bitcoin [BTC].
Short-term sentiment and demand favor bulls
The spot CVD and Open Interest have risen rapidly over the past 24 hours. This was a sign that there was demand on the spot markets and that speculative interest was high.
Together they pointed to a sustainable path north that could extend beyond $0.9.
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The high financing interest rate ensured that sentiment was strongly bullish, but also that spot and derivative prices diverged. Overall, the local highs from the $0.9 area represented a supply zone.
Traders and investors can wait for the $0.9 levels and the $1 psychological levels to turn to support before re-entering long positions.
Disclaimer: The information presented does not constitute financial advice, investment advice, trading advice or any other form of advice and is solely the opinion of the writer