Goatseus Maximus (GOAT) Skyrockets 150% in a Week as Binance and OKX Launch Futures Contracts

Goatseus Maximus (GOAT), a meme-based cryptocurrency, has seen an impressive price rally, driven by its recent listings on major exchanges.

Goatseus Maximus (GOAT), a meme-based cryptocurrency, has witnessed a remarkable price rally, following its recent listing on Binance and OKX. The token soared and was last seen trading at $0.7947, a surge of over 150% in the last seven days, amidst heightened trading and investor activity.

The listing of GOAT futures contracts on both Binance and OKX had traders eyeing the token for a potential all-time high.

Binance, OKX Launch GOAT Futures Contracts

On October 24, Binance introduced a new GOATUSDT USD-Margined perpetual contract with up to 75x leverage. The move marked the first futures offering for the Truth_Terminal-backed token.

The addition of GOAT futures on the Binance trading platform catered to traders' demand for higher leverage, allowing them to go long or short on the token.

Meanwhile, OKX also included Goatseus Maximus on its perpetual futures market. The listing came in response to the increasing opportunities in trading, offering leverage of up to 20x for GOAT futures.

The listing on these major exchanges not only boosted spot and futures trading volumes for GOAT, but the token also saw a staggering 808% increase in derivatives trading volume, reaching $239.53 million, according to data from Coinglass.

GOAT Price Up 20% in a Day, Weekly Gains Top 200%

GOAT's price spiked nearly 20% on the day of the Binance futures listing, pushing its weekly gains to over 150%. The token's price oscillated between an intraday low of $0.5992 and a high of $0.8821.

The rising trade volume, which surged 57% to reach $437.28 million, indicated growing participation in the token's market. Furthermore, whale activity played a role in the token's momentum.

One standout trade saw a large investor purchasing $2.41 million worth of GOAT, bolstering confidence in the token's potential. Market data also showed a surge in open interest in Goatseus Maximus (GOAT) futures, to the tune of 201.87%, suggesting traders were positioning for further price movements.

Adding to the excitement, BitMEX co-founder Arthur Hayes took to Twitter on October 23, encouraging his followers to "Pump the GOAT," predicting a potential 10x return on the meme token.

The endorsement came amid an ongoing bullish sentiment, with traders now anticipating that GOAT could be poised for further price gains.

Technical Indicators Show Strong Trend

Technical analysts kept a close eye on GOAT's price action, and the indicators pointed to the upside. The token's Average Directional Index (ADX) stood at 39.50.

An ADX value above 25 indicated a strong trend, supporting the token's uptick. However, there were risks of a potential trend reversal.

The token's key support level was far below its current price, at $0.17, suggesting a possible 73% drop if bearish sentiment gathered steam.

GOAT's Relative Strength Index (RSI) also eased from an overbought level, currently at 63.53. An RSI above 70 typically signaled overbought conditions, which could lead to a price correction.

However, with the RSI now below 70, there appeared to be scope for further upward movement if buying interest persisted. This cooling in the RSI suggested that while the token's recent price surge was strong, it hadn't entirely exhausted the market's buying appetite.

If bullish sentiment continued, there was potential for GOAT to challenge its previous all-time highs. Subsequently, market participants were keeping an eye on whether GOAT could sustain its bullish trajectory and breach the $1 price level.