Goatseus Maximus [GOAT] is up by 56% in 32 Hours and Is Likely to Go Further Higher

The $722 million market cap memecoin has been in a phase of retracement over the past ten days but saw quick gains that began on the 4th of November.

Memecoin Goatseus Maximus [GOAT] noted a 56% surge over 32 hours, and the memecoin was poised to ascend further.

The memecoin with a market cap of $722 million faced a phase of retracement over the past ten days but saw quick gains that began on 4 November.

Trading volume also noted a decline, but this was beginning to change. On the lower timeframes, the upward momentum was strengthening, and capital flow was on the rise.

Goatseus Maximus begins trending upward,4-hour chart. Source: GOAT/USDT on TradingView

The market structure on the 4-hour chart appeared bullish as GOAT pushed past the $0.566 level. It has formed a series of higher highs and higher lows since 4 November.

The Directional Movement Index (DMI) agreed with the bullish structure and reflected a strong upward trend in progress, with the Average Directional Index (ADX) (yellow) and DI (green) above 20.

At the same time, the Money Flow Index (MFI) had pushed northward and was in the overbought territory.

A bearish divergence in the coming days could foretell a correction from the $0.9 resistance zone. A move toward this region was expected in the next few days.

A breakout depends on market sentiment and the trend behind Bitcoin [BTC].

Short-term sentiment and demand favors bulls, spot CVD, Open Interest. Source: Coinalyze

The spot CVD and the Open Interest rose swiftly in the past 24 hours. This was a sign that there was demand in the spot markets and that the speculative interest was keen.

Together, they pointed toward a sustainable run northward, which could extend beyond $0.9.

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The high Funding Rate meant that the sentiment was strongly bullish, but also that the spot and derivatives prices differed. Overall, the local highs from the $0.9 area represented a supply zone.

Traders and investors can wait for the $0.9 and the psychological $1 levels to be flipped to support before re-entering long positions.

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