Most altcoins are struggling to get well 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 transferring averages on the 8-hour chart.
The bearish outlook for SAFEMOON value is accentuated by the dip to the help curve of the Bollinger Bands. The RSI and the MACD are additionally trending unfavorable so as to add credence to this angle.
If the worth breaks decrease, the subsequent help can be across the $0.00000134 zone.
SAFEMOON/USDT 8-hour chart. Supply: Gate.io
On the upside, SafeMoon bulls face powerful 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 have to clear above the resistance at $0.26 (horizontal inexperienced line) for a situation that can enable for a brand new goal on the 50 SMA ($0.28).
At the moment, this outlook faces a key hurdle at $0.25, with a growing ascending triangle sample hinting at recent losses. The RSI beneath the 50 mark and the sloping curve of the 50 SMA add to this chance.
If DOGE/USD breaks decrease, bulls can depend on preliminary help round $0.24. Nonetheless, the worth may fall to lows of $0.20.
DOGE/USD 4-hour chart. Supply: TradingView
RVN value is presently 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 strain as seen within the rising sell-side quantity.
The dipping RSI beneath the equilibrium stage and the unfavorable outlook of the 20 EMA curve counsel the trail decrease is extra probably over the subsequent few days. On this case, RVN/USD may decline to help 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