Key Takeaways
Goatseus Maximum is a memecoin that became prominent after frequent mentions by the online Artificial Intelligence (AI) figure Truth terminal .
The GOAT memecoin is supported by the Truth Terminal bot and its creator, Andy Ayrey. Its price has increased more than 11,000% since its launch on Oct. 11, reaching a new all-time high of $0.375 on Oct. 17.
Its volume in the past 24 hours is over half its market cap, and the memecoin has gained considerable interest on X . Let’s analyze its price action and see where the upward movement will lead.
The GOAT price has increased rapidly since its launch. Starting on Oct. 12, the price began trading inside an ascending parallel channel.
While the channel’s midline initially rejected it, GOAT accelerated its increase after breaking out on Oct. 16. This led to a GOAT all-time high price of $0.375 on Oct. 17.
The high was made at the channel’s resistance trend line. After two rejections from the channel (black icons), GOAT began to fall.
The GOAT price is breaking below the channel’s midline today, Oct. 17. If it does, it could fall to the support trend line at $0.192.
Technical indicators support the downward movement. This is visible in the Relative Strength Index (RSI), which has generated a bearish divergence (green) and fallen below 70.
So, if the GOAT price closes below the channel’s midline, the most likely scenario is a downward movement toward the support trend line.
While this will not mean the upward movement has ended, it can be a temporary correction before the increase can resume.
After an over 11,000% increase, the memecoin is showing its first signs of weakness in the form of a bearish divergence in the RSI and rejection from the channel’s resistance trend line.
If the GOAT price breaks down from the midline of its pattern, it could fall toward $0.192 before possibly finding support.