Goatseus Maximus (GOAT), a meme-based cryptocurrency, has seen an impressive price rally, driven by its recent listings on major exchanges. The token skyrocketed and traded at $0.7947, which is more than 150% in the last one week due to the increased trading and investor activities.
The listing of GOAT futures contracts by both Binance and OKX has the traders looking forward to the token hitting new all-time high.
Binance and OKX Launch GOAT Futures Contracts
On October 24, Binance launched a new GOATUSDT USD-Margined perpetual contract with up to 75x leverage. This move comes as the first futures offering for the token that is backed by Truth_Terminal.
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The addition of GOAT futures on the Binance trading platform has stimulated market interest as traders can use higher leverage and can go long or short.
OKX also jumped on the bandwagon and included Goatseus Maximus on its perpetual futures market. With leverage of up to 20x, OKX is listing in response to the increasing opportunities in trading.
The listing on these major exchanges has boosted spot and futures trading volumes for GOAT with the token experiencing a 808% rise in derivatives trading volume to $239.53 million as per Coinglass data.
GOAT Price Soars 20% in a Day as Weekly Gains Top 200%
GOAT’s price spiked nearly 20% on the day of the Binance futures listing, and its weekly gains have now exceeded 150%. The token’s price fluctuated between an intraday low of $0.5992 and a high of $0.8821.
Increased trading volume, which rose 57% to $437.28 million, indicates growing market participation. Whale activity has also contributed to the token’s momentum.
One prominent investor purchased $2.41 million worth of GOAT, further boosting confidence in the token’s potential. Market data showed that open interest in Goatseus Maximus (GOAT) futures increased by 201.87%, suggesting that traders are positioning for further price movements.
Arthur Hayes, co-founder of BitMEX, further fueled market excitement by encouraging his followers to “Pump the GOAT” on October 23, predicting a potential 10x return. This endorsement has added to the ongoing bullish sentiment, as traders now anticipate that GOAT could see further price gains.
Technical Indicators Show Strong Trend
Technical analysts have been observing GOAT’s technicals and as of now, the indicators are pointing towards the upside. The token’s Average Directional Index (ADX), stands at 39.50. Subsequently, an ADX value above 25 suggests that the trend is strong hence backing the tokens uptrend.
However, there are risks of a potential trend reversal. The token’s key support level is far below its current price, at $0.17, suggesting a possible 73% drop if bearish sentiment builds.
GOAT’s Relative Strength Index (RSI) has also eased from an overbought level, currently sitting at 63.53. An RSI above 70 generally signals overbought conditions, which can lead to a price correction.
However, with the RSI now below 70, there appears to be room for further upward movement if buying interest persists. This cooling in the RSI suggests that while the token’s recent price surge has been strong, it hasn’t entirely exhausted the market’s buying appetite.
If bullish sentiment continues, there’s potential for GOAT to challenge its previous all-time highs. Subsequently, market participants are speculating whether GOAT can sustain its bullish trajectory and break through the $1 price level.
