GOAT Technical Analysis
When we analyze the chart on a daily timeframe, it can be clearly observed that GOAT is stuck within a narrowing triangle formation. The breakout direction here will have a determining role for the next phase of the price. The closest support area seems to be the price level of $0.13334. If broken downwards, the price of the coin could drop to the range between $0.11–$0.10.
$0.21976 and $0.2265 could stand out as strong resistance levels if this triangle formation gets broken upwards. Note that this area served as a strong sell zone and the price got rejected from this resistance many times in the past.
We have a strong support area between the levels of $0.11838 and $0.09510, and this range is important as it is close to the lower border of the triangle formation. In case of a pullback, the price can retreat to the levels of $0.08384 and then to the range between $0.06500–$0.03800.
These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to the market conditions. However, traders are responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during trades.
