GOAT faces key support at $1.08 after a 9.5% drop. Could this dip lead to a strong rally?
- GOAT slid 9.5% but held the $1.08 support as traders watched for a breakout. Binance and Bybit led $238M OI in GOAT Futures, signaling trader focus on key levels.
Goatseus Maximus [GOAT], the leading AI meme coin launched on Pump.fun, Solana’s [SOL] largest coin launchpad, has been experiencing notable market activity.
GOAT was priced at $1.04 at press time, representing a 9.51% decline over the past 24 hours.
Despite this short-term dip, GOAT has seen a 25.87% increase over the last seven days, signaling strong weekly performance. With a circulating supply of 1 billion tokens, GOAT had a market capitalization of $1.04 billion.
The 24-hour trading volume of $382.8 million reflected active investor participation.
GOAT’s recent performance has caught the attention of analysts and traders alike, as it tested critical levels of support during its pullback phase.
GOAT retests dynamic support
The recent pullback in GOAT’s price comes after the token reached a high of $1.40. This price level acted as a strong resistance point, triggering selling pressure and a subsequent decline.
Meanwhile, the token had started retesting key support levels, which have historically provided stability.
According to crypto analyst Miles Deutscher, the price has adhered closely to the “money noodle indicator,” which represented a dynamic support zone through a gray band on the chart.
Deutscher noted that GOAT has “bounced off this level multiple times” before rallying to new highs.
As of press time, GOAT hovered around the $1.08 support level, a crucial area for traders watching for potential upward momentum.
Additional support zones lie at $0.80 and $0.60, though these have not been tested recently.
Potential for market movement
Data from Coinalyze showed that Open Interest (OI) for GOAT’s perpetual Futures contracts was $238.8 million at press time, with a 1.75% decline in the past 24 hours.
This reduction in OI suggested a slowdown in trading activity, as some investors may be exiting positions amid recent price volatility.
Source: Coinalyze
Binance and Bybit dominated the perpetual Futures market for GOAT, contributing a combined 94% of total OI. Binance held the largest share at $122.7 million, followed by Bybit at $102.6 million.
Other platforms, including OKX, Kraken, and WOO X, accounted for smaller portions of the market.
Market outlook and trading behavior
GOAT’s price action reflected a broader market trend, with short-term retracements following extended rallies.
The memecoin’s ability to maintain key support levels during its pullback phase will be crucial in determining whether it resumes its upward trajectory.
Source: X
Traders are closely monitoring the $1.08 support level, which aligns with the dynamic moving average band.
Any sustained price movement below this point may push the token towards its next support zones at $0.80 and $0.60. However, a rebound at current levels could spark renewed bullish momentum.
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