Is It All Over For AI Meme Coin Meta? Goateus Maximus Falls From Grace
Is it all over for the seemingly short-lived AI meme coin meta? It seems so, as Goateus Maximus is under pressure, with GOAT price tumbling in the crypto market this week.
Recent weeks saw an explosion of interest around ‘AI meme coins’, meaning any meme coin made-by or called-by an AI chat bot such as Truth Terminal.
The narrative has fuelled big interest since the frenzied breakout of narrative leader Goateus Maximus (after all, why can’t there be a GOAT crypto token?).
Many other projects followed the trend, such as WMM, with AI-linked tokens popping off.
Yet, despite the strength of Bitcoin price this week, GOAT’s price action has seemingly stalled after a big retracement gripped the chart.
Local bottom might be in for $GOAT
500M tapped, 0.618 fib retracement
Would like to see a reclaim of 700M
— Gojo0x (@Gojo0x) November 1, 2024
GOAT Price Analysis: Will Goateus Maximus Bounce From Here or Is It All Over For AI Meme Coin Narrative?
At present time, Goateus Maximus is under pressure, with GOAT price at $0.55 (a 24-hour change of +3.87%).
Following on from a big retracement over the past week, which saw GOAT price lose -50% of its value, a worrying death-cross emerged between the 20DMA and 200DMA.
(GOATUSDT)
This suggests that a bearish trend is dominating the chart, which is worrying amid such a large retracement when bulls need to get a grip on a price level.
However, an emerging support trend above $0.5 has met with 20DMA support heading into the weekend, with a potential consolidation move on the cards to the relief of GOAT holders.
Goateus Maximus could still tumble further from here, with lower trendline support standing at $0.35, and historic support around $0.38.
While upside potential remains strong, with plenty of room in the trading channel for a bounce, especially with the RSI displaying negligible bearish divergence at 52.
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