GOAT gains 43% as US election results trigger market uptrend

Solana-based memecoin Goatseus Maximus has emerged as the top gainer in the crypto market, registering an increase of almost 50% in the last 24 hours.

This increase comes as the crypto market enters a bullish wave fueled by the US election results; Pro-crypto candidate Donald Trump and other industry supporters top the charts.

Goatseus Maximus (GOAT) is up 43% in the last 24 hours and is trading at $0.6960 at the time of writing. The Meme coin’s 24-hour trading volume increased by 87% to $263 million, and its market cap currently stands at $680 million.

GOAT 1D chart | Source: Trading Outlook

The recent price increase is showing impressive momentum, with GOAT forming an upward rounded bottom pattern. This formation usually indicates a reversal from a downtrend to an uptrend.

The chart shows a solid support zone near the $0.4181 level, which held firm from the last decline on November 3 and marks the bottom of the round bottom structure.

With the price above the 0.382 Fibonacci level, currently at $0.6309, GOAT could test the 23.6% resistance at $0.7404. A break of this level could push GOAT towards the red horizontal zone at $0.8803; This is an important level to watch in line with previous highs.

The rounded bottom pattern indicates the potential for continued upward movement, especially if bullish market sentiment persists.

GOAT’s RSI stands at 64.87, indicating positive momentum without being in overbought territory. This positions the asset for further gains as the RSI indicates there is room for continued buying pressure.

However, any pullback could find support near $0.6309 or the 0.5 Fibonacci level at $0.5425. Such a development could offer potential re-entry points for investors looking to capitalize on the uptrend.

Goatseus Maximus’ bullish momentum coincides with a broader crypto rally that has Donald Trump ahead in the US presidential race.

According to the Associated Press, Trump currently has 267 delegate votes, while Kamala Harris has 224. Trump’s pro-cryptocurrency stance, which received 51.2% of the popular vote, has added optimism to the market. Bitcoin (BTC) reached a new all-time high above $75,000.

GOAT’s rise reflects how major political developments are affecting the cryptocurrency industry. While Trump’s leadership has fueled positive policy speculation towards digital assets, investors appear optimistic about potential regulatory changes that could support the industry.

With its strong structures and political winds, GOAT can continue its rise. The main levels to watch include resistance near $0.7404 and $0.8803. If current levels cannot be sustained, a retest of the support zone around $0.4181 could be seen.