Most altcoins are struggling to recuperate following a current crash in Bitcoin costs
Safemoon (SAFEMOON), Dogecoin (DOGE) and Ravencoin (RVN) costs sustained brutal losses throughout this week’s crypto market crash. As Bitcoin value dumped from highs of $52,000, most altcoins adopted. Safemoon value hit lows of $0.00000154, Dogecoin examined a seven-day low of $0.24 and Ravencoin slipped to $0.11.
SAFEMOON has touched an intraday low of $0.00000151, with the downswing occasioned by the current crypto crash. The value is now beneath the 50 and 100 easy shifting averages on the 8-hour chart.
The bearish outlook for SAFEMOON value is accentuated by the dip to the assist curve of the Bollinger Bands. The RSI and the MACD are additionally trending destructive so as to add credence to this angle.
If the worth breaks decrease, the subsequent assist can be across the $0.00000134 zone.
SAFEMOON/USDT 8-hour chart. Supply: Gate.io
On the upside, SafeMoon bulls face robust hurdles on the center curve of the Bollinger bands ($0.00000181) after which the 100 SMA at $0.00000198.
Dogecoin value is trending simply within the inexperienced on the 4-hour chart, with the potential for a sustained reversal hinted at by the bullish crossover of the 4-hour MACD. Bulls must clear above the resistance at $0.26 (horizontal inexperienced line) for a situation that can permit for a brand new goal on the 50 SMA ($0.28).
At present, this outlook faces a key hurdle at $0.25, with a creating ascending triangle sample hinting at recent losses. The RSI beneath the 50 mark and the sloping curve of the 50 SMA add to this likelihood.
If DOGE/USD breaks decrease, bulls can depend on preliminary assist round $0.24. Nonetheless, the worth may fall to lows of $0.20.
DOGE/USD 4-hour chart. Supply: TradingView
RVN value is at the moment capped close to $0.12 on the 4-hour chart, with bulls’ makes an attempt to interrupt above the hurdle not helped by the large promoting stress as seen within the rising sell-side quantity.
The dipping RSI beneath the equilibrium degree and the destructive outlook of the 20 EMA curve recommend the trail decrease is extra possible over the subsequent few days. On this case, RVN/USD would possibly decline to assist ranges round $0.10.
On the upside, the MACD suggests bulls have an opportunity. If RVN/USD breaks above the highlighted horizontal barrier, sustained momentum above the 20 EMA ($0.12) would open up bids at $0.13 and $0.14.
RVN/USD 4-hour chart. Supply: TradingView