GOAT, once dominating the meme coin market, has faced significant challenges with the emergence of Peanut the Squirrel (PNUT). 

The sudden rise of PNUT has disrupted GOAT’s market position, causing the meme coin to lose its demand. Despite the downturn, GOAT investors remain optimistic about its potential recovery.

A Squirrel Defeats GOAT

The social dominance of GOAT has shifted significantly since October, largely due to PNUT’s arrival. For most of October, GOAT commanded market attention, benefiting from strong investor interest and widespread hype. However, PNUT’s late-month debut captured the spotlight, pushing GOAT out of the top trending tokens.

Currently, PNUT stands as the more popular asset among investors, evidenced by its rising mentions and active participation in social channels. This surge in attention has directly impacted GOAT, whose declining engagement metrics suggest a loss in momentum. The competition between these meme coins is reshaping the market conditions.

Despite the decline, GOAT’s funding rate remains in positive territory, signaling ongoing confidence among traders. Many are placing long contracts, betting on a potential price recovery. This optimism reflects a belief that GOAT still has room to regain its dominance in the meme coin sector.

However, the price drop has introduced uncertainty among investors, with concerns about GOAT’s ability to sustain its market position. The funding rate’s positive stance is encouraging but will require strong market cues to translate into meaningful price gains. Traders are closely watching for signs of a potential reversal.

GOAT Price Prediction: Drawdown Ahead

GOAT’s price has fallen by 25% in the last 24 hours, dropping from an all-time high of $1.36 to $1.01. With the asset nearing the critical $1.00 mark, further declines are likely if bearish momentum continues.

The critical support level sits at $0.72, and a drop to this point would signal more significant losses for investors. Losing this support could exacerbate the bearish outlook, creating challenges for a swift recovery.

Alternatively, if GOAT rebounds from $0.72, the meme coin could make a bid to breach previous highs and form a new ATH. This would invalidate the bearish thesis and re-establish GOAT as a top contender in the meme coin space.

XTZ, the native coin of blockchain network Tezos, has emerged as the top-performing cryptocurrency over the past 24 hours. Its value has surged by 38% to trade at a seven-month high of $1.13 as of this writing.

However, the price increase has triggered growing selling pressure, indicating a potential pullback ahead.

Tezos’ Traders Scamper for Gains

XTZ’s price has climbed by 38% over the past 24 hours and currently ranks as the market’s top gainer. This surge follows the announcement that the staking platform Everstake will support cryptocurrency.

The rally is further fueled by a recent Q3 2024 report from analytics platform Messari. The report highlights strong growth signals for Tezos, including increased transaction volume, more decentralized applications, a rise in upgrade proposals, and a growing active validator count.

However, the recent price jump has prompted many XTZ holders to seek profit, as evidenced by the spike in the coin’s exchange inflow. Per Coinglass, as of Tuesday, XTZ’s exchange inflow is $2.22 million, its highest since the beginning of the year.

When an asset’s exchange inflow spikes, a significant amount of that asset is transferred onto exchanges for sale from wallets or other platforms. This can put downward pressure on XTZ’s price, causing it to shed its recent gains.

Additionally, the overbought readings from the coin’s Relative Strength Index (RSI) confirm the likelihood of a price correction in the short term. At press time, XTZ’s RSI is 74.26. 

The RSI indicator measures an asset’s oversold and overbought market conditions. It ranges between 0 and 100, with values above 70 suggesting that the asset is overbought and due for correction. On the other hand, values below 30 indicate that the asset is oversold and may witness a rebound.

Therefore, XTZ’s RSI of 74.26 suggests it has experienced strong upward momentum and may be due for a correction or pullback. It indicates that the coin’s price has risen too quickly, and there might be an increased risk of a price reversal.

XTZ Price Prediction: Coin May Drop Below $1

XTZ is currently trading at $1.13, holding above the $1.07 support level. If buying momentum weakens, the price may drop to this key support. A failure to maintain $1.07 could push XTZ below $1, potentially falling to $0.97 — a 14% decline from its current value.

If the uptrend continues, XTZ could break past the $1.19 resistance and advance toward $1.40, signaling further bullish momentum.

Ethereum price started a consolidation phase near the $3,000 zone. ETH is slowly moving higher and might aim for a fresh surge above $3,220.

• Ethereum is consolidating and facing hurdles near $3,220.
• The price is trading above $3,150 and the 100-hourly Simple Moving Average.
• There was a break above a key bearish trend line with resistance at $3,130 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh increase if it clears the $3,220 resistance zone.

Ethereum Price Faces Hurdles

Ethereum price remained supported above the $3,000 level like Bitcoin. ETH formed a base and recently moved above the $3,120 and $3,150 resistance levels.

There was a break above a key bearish trend line with resistance at $3,130 on the hourly chart of ETH/USD. The pair even cleared the $3,200 level and tested $3,220. A high was formed at $3,224 before there was a pullback. The price dipped below the 23.6% Fib retracement level of the upward move from the $3,051 swing low to the $3,224 high.

Ethereum price is now trading above $3,150 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,200 level.

The first major resistance is near the $3,220 level. The main resistance is now forming near $3,250. A clear move above the $3,250 resistance might send the price toward the $3,320 resistance. An upside break above the $3,320 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,450 resistance zone.

Another Drop In ETH?

If Ethereum fails to clear the $3,220 resistance, it could start another decline. Initial support on the downside is near the $3,140 level or the 50% Fib retracement level of the upward move from the $3,051 swing low to the $3,224 high. The first major support sits near the $3,050 zone.

A clear move below the $3,050 support might push the price toward $3,000. Any more losses might send the price toward the $2,940 support level in the near term. The next key support sits at $2,880.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $3,140

Major Resistance Level – $3,220