Goatseus Maximus rallied 83% on Wednesday but the A/D indicator showed steady selling pressure as the meme traded at a support zone.
An AI agent creating a memecoin, shilling it relentlessly, and on the way to becoming a millionaire is a story that would have been scoffed at just a few years ago, but is now becoming a reality.The token was launched very recently, on the 14th of October. The 1-hour chart showed a steady uptrend for the meme. The Fibonacci retracement levels showed that a retracement to the 50% level at $0.219 occurred.
This was followed by a price bounce of 84% within the past 24 hours, flipping the market structure bullishly and retesting the $0.34 highs.The RSI has been falling in recent hours alongside the price to indicate bullish momentum was waning. More worryingly, the A/D indicator has trended downward. This showed that the buying pressure was likely not high enough to sustain the upward momentum that GOAT exhibited in the early hours of Wednesday.In the past few days, the social media activity has ramped up. The increased engagement is a positive sign, and the weighted sentiment also shot higher as prices trended northward.Goatseus Maximus combines both and could gain traction swiftly in this market, where hype and sentiment can lead to a triple-digit gains in a matter of days.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinionAkashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis.
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