• The fall in the A/D indicator showed steady selling pressure.
• It is likely that the GOAT token will perform well in the coming months, due to its backstory.

Goatseus Maximus [GOAT] was growing in popularity quickly. The $300 million market cap memecoin was gaining attention quickly because it was the first memecoin independently created by an AI agent.

It made for a story that captivated the attention of the crypto market.

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.

Conflicting signs from the volume indicator

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 $0.27-$0.29 support zone, which had been a resistance zone on the 16th, could serve as support.

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.

Sentiment readings give traders hope

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.

Read Goatseus Maximus’ [GOAT] Price Prediction 2024-25

The AI and the meme coin sector have been standout performers since the latter half of September.

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 opinion