GOAT crypto hits $1 as rare pattern points to a surge to $5

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As a seasoned researcher with years of experience in the volatile world of cryptocurrencies, I find myself intrigued by the meteoric rise of Goatseus Maximus (GOAT). The meme coin’s latest surge to $1.066, and its subsequent pullback, is a testament to the unpredictable nature of this market.

This week saw a rise for Goatseus Maximus, the widely recognized meme token on Solana, breaking through the substantial barrier at $1 as the Crypto Fear and Greed Index climbed up.

On November 14th, the Goatseus Maximus (GOAT) token hit an all-time peak of $1.066, only to dip slightly to $0.95 later on. This digital currency has surged by approximately 500% from its October lows, pushing its market capitalization beyond the billion-dollar mark, sitting at over $932 million now.

This week, GOAT’s popularity grew concurrently with its addition to multiple trading platforms, making it accessible to a vast number of traders. Notably, it was included in Bybit, one of the world’s largest exchanges, along with Uphold and Bitget. In the past, cryptocurrencies have typically seen an increase in value when they are listed on prominent trading platforms.

Although these advancements have been made, GOAT is not yet available on the majority of top-tier trading platforms, which could stimulate future expansion. The bulk of its trades take place on exchanges such as Gate, MEXC, and Raydium, implying that as volume continues to grow, prominent exchanges like Coinbase, Binance, and Crypto.com might consider listing it too.

The rally also unfolded as a sense of Fear of Missing Out spread in the crypto market, with the fear and greed index jumping to the extreme greed zone of 86. Meme coins typically rally when investors are in a greedy state.

It’s clear that this trend is happening because other well-known Solana meme coins are experiencing growth too. For example, the Peanut the Squirrel token (PNUT) has skyrocketed by more than 1,390% in just a week, while ACT has leaped by an impressive 2,758%. Some other high performers include Bonk, Cat in a Dog’s World, and Book of Meme.

Technicals point to GOAT price soaring to $5

According to the 4-hour chart analysis, the Goatseus Maximus token hit its lowest point at $0.1563 on October 21st, but has since peaked at an all-time high of $1.066 this current week.

As a researcher, I’ve observed an unusual formation that resembles a cup and handle pattern, a bullish indicator often seen in chart analysis. The current phase of restrained movement within this pattern represents the handle section, suggesting potential continuation of the upward trend.

The cost of a GOAT continues to stay higher than both its 50-day and 25-day moving averages, indicating a favorable trend.

If the price of the GOAT token manages to exceed its current weekly high of $1.066, it might be indicative of further growth. Should this happen and if the meme coin trend persists, the GOAT token’s price could theoretically rise as high as $5, which would mean a substantial increase of approximately 426% from its current value.

In the world of meme coins, it’s quite usual to see significant upswings. Take for instance, coins such as Luce, Fartcoin, Comedian, and Zerebro. These have skyrocketed by more than 500% within just a week.

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2024-11-14 16:53