After a month-long surge in its value Goatseus Maximus (GOAT) is beginning to slow down as it slumped 5.19% in the last 24 hours as of October 28 afternoon. GOAT took the meme coin market by storm as it spiraled downward today.
The cryptocurrency seems to be well past the impressive rally as it slid 32% from its $0.8837 peak to currently trading at $0.6189. Analytics platform Santiment pointed towards rising bearish sentiment for Goatseus Maximum in the crypto market as indicators have gone below neutral territory for the first time in weeks. This is a stark contrast from the upbeat outlook of past weeks which showed a bullish trading sentiment.
Although the funding rate of the GOAT token is above zero there’s a decline in its value while the digital asset’s open interest surges. This shows that crypto traders traders are hedging position through short-term contracts.
As per crypto analysts, the rising bearish sentiments amongst traders will drive down the prices further. Prices have already gone down the $0.62 resistance level which indicates a surge in sell orders. This indicates that prices will go down further to the $0.46 level. If that happens, then it would squash the prospect of crypto investors who recently purchased the GOAT token during the latest rally period.
However, some analysts also believe that this pullback is a correction after the meme coin’s enormous surge in price.
As of October 28 evening, GOAT is trading at $0.6208, down 3.11% in the last 24 hours. While the token’s market capitalization has decreased by 3.01% to touch $621.55 million, its trading volume has increased by 24.14% to reach $347.60 million.