- GOAT may be getting ready for a massive breakout from a falling trend channel
- Whales have been selling FARTCOIN and buying GOAT instead
At the time of writing, the price of Goatseus Maximus (GOAT) was trading within a falling trend channel. This was evidenced by the fact that its peak of $1.30+ underlined the potential for a significant breakout. Especially if certain conditions are met.
The altcoin was trading at around $0.278 at press time, with a crucial support established at $0.23. This support level must hold to keep the bullish scenario viable, emphasizing the importance of not dropping below this threshold to maintain upward momentum on the charts.
Here, the falling trend channel indicated a pressured downtrend, but recent activities hinted at momentum that could lead to a breach above $0.80. If it breaks through this upper band of the channel and surpass the resistance, it could trigger a 100%-200% bullish rally.
Source: Trading View
Conversely, a failure to maintain above $0.23 could lead to further declines, testing the lower supports at $0.228 – A level that could see enhanced selling pressure.
Here, the ket to the prediction would be the ability to sustain price movements above the aforementioned resistance and support levels. This could affirm the trend reversal from bearish to bullish.
Whale activity on GOAT and liquidity delta
This discount in GOAT’s price saw aggregated transactions of a whale activity where 902,374 Fartcoin, valued at $1.2 million, were exchanged for 3.07 million GOAT. This swap is symptomatic of a clear preference for GOAT over Fartcoin among major holders.
Whales’ sustained accumulation of GOAT and sell-offs of Fartcoin could mean a bullish outlook for GOAT. As these large holders shift their holdings, they potentially set the stage for GOAT to break out from its press time falling trend channel.
If this trend persists and whales keep funnelling capital into GOAT, we might see a surge in its value. In fact, the altcoin might possibly rally by 100% to 200% above its upper resistance.
Source: Lookonchain/X
These activities could influence market dynamics and investor sentiment, further fueling the rally. Whales’ actions often precede major price movements, making their strategies key indicators of forthcoming market trends.
Finally, the aggregated orderbook liquidity delta for GOAT revealed a tightening pattern in buying and selling pressures. Especially as GOAT’s price fluctuated around the $0.30 range.
Notably, the strong buying interests aligned with spikes in price, highlighting bullish momentum. Conversely, the sell-offs correlated with price dips. This liquidity interplay hinted at the potential for a breakout if buying pressure sustains beyond key resistance points.
However, if sell pressure increases, the crypto might face further declines, testing lower support levels. This market dynamic underscored the critical balance of supply and demand affecting GOAT’s price trajectory.
