GOAT crypto hits $1 as rare pattern points to a surge to $5

Popular Solana meme coin Goatseus Maximus has rallied this week, breaking past the key $1 resistance level as the crypto fear and greed index rises.

The Goatseus Maximus (GOAT) token fell slightly to $0.95 after reaching a record high of $1,066 on Thursday, November 14. It has surged nearly 500% from its October low, pushing its market cap to over $932 million.

GOAT’s rise coincided with its listing on several exchanges this week, expanding its availability to millions more investors. It is listed on Bybit, the world’s second largest exchange, as well as Uphold and Bitget. Historically, cryptocurrencies often experience a jump when listed by some of the top exchanges.

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Despite these developments, GOAT is still not offered by most tier 1 exchanges, which could potentially catalyze future growth. The majority of trading volume occurs on exchanges such as Gate, MEXC and Raydium; This indicates that with increasing volume, major platforms such as Coinbase, Binance and Crypto.com may also list it.

This rally also occurred as Fear of Missing Out sentiment spread across the crypto market, with the fear and greed index jumping to 86, the extreme greed zone. Meme coins often rally when investors are in a greedy mood.

This trend is evident as other popular Solana meme coins are also on the rise. For example, the Peanut the Squirrel (PNUT) token is up over 1,390% over the past seven days, while ACT is up 2,758%. Other top performers include Bonk, Cat in a Dog’s World and Book of Meme.

Technicals show GOAT price rising to $5 GOAT price chart | Source: crypto.news

The 4-hour chart shows that the Goatseus Maximus token dropped to a low of $0.1563 on October 21 and reached a record high of $1,066 this week.

It formed a rare cup and handle formation, which is typically a bullish continuation signal. The ongoing consolidation is part of the handle section.

GOAT’s price also remains above the 50- and 25-period moving averages, which is a positive sign.

More gains could be confirmed if the GOAT token price surpasses this week’s high of $1,066. If such a situation occurs and the ongoing meme coin rally continues, the GOAT token price could potentially jump to $5, which would represent a 426% increase from the current level.

These large fluctuations are common in the meme coin industry. For example, cryptocurrencies such as Luce, Fartcoin, Comedian and Zerebro have increased by over 500% in the last seven days alone.