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.