Goatseus Maximus (GOAT), the latest cryptocurrency to take the meme coin market by storm, has begun to experience significant drawdowns, causing shifting sentiments.
Goatseus Maximus (GOAT), the latest cryptocurrency to take the meme coin market by storm, has begun to experience significant drawdowns, causing shifting sentiments. The recent impressive rally of the meme cryptocurrency ran into a roadblock, with a steep 32% slide from its peak price of $0.8837.
According to analytics platform Santiment, bearish sentiment is rising. For the first time in weeks, sentiment indicators have plunged below neutral territory—a sharp contrast to the upbeat outlook that has characterized trading sentiment until recently.
The funding rate of GOAT still remains above zero, but its gradual decline amidst a growing open interest suggests that traders are increasingly hedging their positions through short contracts. This growing bearish positioning could add further downward pressure on prices.
Currently, eyes are on the critical resistance at $0.62. If prices remain contained below, it could unleash a wave of sell orders and might plunge prices further down, as low as $0.46 if it were to close below this level. That would be an enormous squashing for investors who bought into GOAT during the recent rally.
Despite those disappointments, some market players have seen the current pullback as a healthy correction after GOAT's tremendous, astronomical rise.
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