A Solana-based meme cryptocurrency named Goatseus Maximus (GOAT) recorded an increase in its value within 24 hours. It surged more than 48%.
This rise comes as part of a wider crypto market surge following the U.S. election outcome. This price increase has made the Goatseus Maximus one of the best coins in the crypto market. It has attracted the attention of both new and experienced traders.
Market Reacts to U.S. Election Results with Bullish Sentiment
The US election results have brought positivity across the crypto markets as investors await what the next year will hold. Amid the digital asset market, the pro-crypto candidate Donald Trump has come emerged victorious in the presidential race.
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Investors expect new changes that will work in the favor of digital currencies. It has been particularly beneficial for meme coins like Goatseus Maximus. They are known to make massive gains when people get overly hyped and excited in a bullish market.
Reportedly, Goatseus Maximus is now trading at $0.6960. That is 43% higher than the value of the coin in the last one day. The price has also increased significantly concurrent with a 87% rise in trading volume to $263 million.
GOAT/USD 1-day price chart (source: CoinMarketCap)
The market capitalization of the GOAT token has also moved to $680 million, making it one of the assets to watch in the crypto space.
As a result of this, the price action has painted a rounded bottom pattern on the technical Charts, which is a bullish pattern that indicates further upward potential if support levels are maintained.
Technical Analysis Shows Bullish Pattern with Key Support Levels
Analyzing the price chart of Goatseus Maximus, one can observe a bullish rounded bottom pattern, which indicates that the price is likely to move from a downtrend to an uptrend.
The coin has a strong support level at $0.4181 which was a floor during the market drop on November 3. This support level has further gone ahead to enhance the token stability thus allowing the current rally to gain strength.
Source: TradingView
As things stand now, Goatseus Maximus has now traded past the 0.382 Fibonacci retracement level that is stationed at $0.6309 which shows that the bulls are in charge. Next, there is the $0.7404 level which is the 23.6% Fibonacci level, according to analysts.
A move past this level could take the token towards $0.8803 which was a previous high and a critical level that would determine if a new ATH is in the offing.
The token’s relative strength index (RSI) stands at 64.87, indicating positive momentum without reaching overbought conditions, leaving room for further gains.
Whale Trader Profits as Goatseus Maximus Gains Momentum
Concurrently, a trader recently made enormous profits from trading on the Goatseus Maximus’s rise. According to on-chain data from the analytics platform Arkham the trader with the address “4Jpef1…” has invested $58 thousand in Goatseus Maximus and became the owner of 1.5% of the token supply.
This investment has since turned a profit of $7.5 million due to the fact that the token has increased in value in the last month. According to Arkham, the trader has roughly 13.35 million Goatseus Maximus tokens in his or her wallet now.
This is especially true if the bullish sentiment remains intact as the token may even break new ground given the technical and market indicators. However, if there is a reversal, it may hold at $0.6309 or approximately at the 0.5 Fibonacci level at $0.5425.
These levels could help the traders to re-enter the market and take advantage of the uptrend that is still in progress. Such a level as $0.4181 is also crucial: if the price descends below this level, it might signal the reversal of the bullish trend.
