GOAT gains 43% as US election results trigger market uptrend

Solana-based meme coin Goatseus Maximus has emerged as the top gainer in the crypto market, recording a near 50% increase in the last 24 hours. 

This surge comes as the crypto market rides a bullish wave fueled by the U.S. election results, with pro-crypto candidate Donald Trump and other industry supporters leading the charts.

Goatseus Maximus (GOAT) is up 43% over the past 24 hours and is trading at $0.6960 at the time of writing. The meme coin’s 24-hour trading volume has spiked 87% to reach $263 million, with its market cap now sitting at $680 million. 

The recent price hike shows impressive momentum, as GOAT forms a bullish rounded bottom pattern. This pattern often indicates a reversal from a downtrend to an uptrend. 

The chart shows a solid support zone near the $0.4181 level, which held firmly during the last dip on Nov. 3, marking the base of the rounded bottom structure. 

With the price now above the 0.382 Fibonacci level at $0.6309, GOAT could test the 23.6% resistance at $0.7404. Breaking this level might propel GOAT towards the red horizontal zone at $0.8803, a major level to watch as it aligns with previous highs. 

The rounded bottom pattern suggests 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 the overbought zone. This positions the asset for further gains, as the RSI suggests room for continued buying pressure. 

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

The bullish momentum from Goatseus Maximus coincides with a broader crypto rally as Donald Trump leads in the U.S. presidential race. 

According to the Associated Press, Trump currently holds 267 electoral votes, compared to Kamala Harris’ 224. With 51.2% of the popular vote, Trump’s pro-crypto stance has injected optimism into the market. Bitcoin (BTC) reached a new all-time high above the $75,000 mark.

GOAT’s surge reflects how major political developments impact the cryptocurrency sector. As Trump’s lead fuels speculation of favorable policies for digital assets, investors appear bullish on potential regulatory shifts that could boost the sector. 

With its strong structures and political tailwinds, GOAT may continue to climb. Major levels to watch include the resistance near $0.7404 and $0.8803, while a failure to maintain current levels could see a retest of the support zone around $0.4181.