The price of Goatseus Maximus (GOAT) recently hit a record high. The recent price move is accompanied by strong technical indicators that point to an ongoing uptrend.
However, there are signs that this upward momentum may be nearing a peak. As the analysis continues, the potential for both additional returns and the risk of a correction in the near future will be considered.
GOAT’s current trend remains strong
GOAT’s ADX is now at 27.63, down from above 36 last week. This decrease suggests that the trend strength is weakening.
When ADX crosses 36, it indicates a strong trend. Currently, ADX is below 30, the trend is still there but less strong.
The average directional index (ADX) measures trend strength. It ranges from 0 to 100, with values above 25 indicating a strong trend and below 20 suggesting no significant trend.
GOAT with ADX 27.63 shows that it is still in an uptrend, although the upward momentum is not as strong as before. The uptrend continues, but may not be as strong as last week.
GOAT is near the overbought zone
GOAT’s RSI is currently at 67.63, after the recent strong price increase and reached a new record high. It has increased sharply from 50 in just a few hours. This rapid increase indicates strong buying momentum, pushing GOAT closer to overbought levels.
Relative Strength Index (RSI) measures the speed and variability of price movements. It ranges from 0 to 100, with values above 70 indicating overbought conditions and below 30 suggesting oversold conditions. With GOAT’s RSI near 70, it signals that the asset may be overextended.
The recent price spike and record high, along with the current RSI level, suggest that GOAT may be facing a sharp correction ahead. This could eliminate GOAT from the top 10 Meme Coins with the largest market capitalization.
GOAT Price Prediction: Is a 39% correction near?
GOAT just hit a record high, and its EMAs are very positive.
Price is above all EMAs, with short-term lines placed above long-term lines. This arrangement shows strong upward momentum, confirming a healthy uptrend.
However, RSI shows that this Meme Coin may be entering overbought territory, signaling a potential correction. The nearest support zone for GOAT price is around 0.76 USD.
If this level fails to hold, the price could drop to $0.69, suggesting a possible correction of up to 39%. This highlights the downside risk after such a strong rally.