- GOAT surpassed key resistance levels established over the past 10 weeks.
- BTC’s bullish strength has lent altcoins a new lease of life.
The memecoin market has soared higher over the past five days, which followed an explosive Bitcoin [BTC] rally of 9.2% in the past week.
BTC has retraced 2.6% from the local high of $105.8k, which explains the slight pullback across the altcoin market.
Source: CoinMarketCap
The memecoin market cap was at $52.7 billion on the 6th of May. Six days later, it has surged to $73 billion, a 27.8% increase.
The largest memecoins have performed well over the past week, with Dogecoin [DOGE] seeing a 38% gain, Shiba Inu [SHIB] a 28% rally, and Pepe [PEPE] a whopping 76% surge.
Source: DOGE/USDT on TradingView
The short-term Dogecoin outlook was bullish. It defended the $0.222 support that an earlier report highlighted as a key level.
The steady buying pressure on Dogecoin boded well for the rest of the meme coin market, too — it signaled bullish sentiment. This could help Goatseus Maximus [GOAT].
GOAT could extend its gains
Source: GOAT/USDT on TradingView
Since mid-March, the small mcap meme GOAT has consolidated around the $0.055 level. It reached a low of $0.035 on the 7th of April. Since then, GOAT has rallied by a stunning 460%.
It broke the $0.065 resistance level toward the end of April and retested the same level as support in the first week of May. This set up the token for an intense rally.
The memecoin has broken two key resistance levels at $0.116 and $0.198.
At press time, GOAT bulls were fighting to defend the latter level as support. The technical indicators also outlined bullishness. The OBV has been in a steady uptrend since March.
The RSI was at 82 at press time. While it did not spell the end of the rally, the overbought conditions showed that a short-term price dip was possible.
GOAT could see some consolidation around $0.198-$0.2 in the short term before continuing its rally.
A drop below $0.198 would mean that the $0.144-$0.174 demand zone could be retested next.
