Most altcoins are struggling to get better 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 worth 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 help curve of the Bollinger Bands. The RSI and the MACD are additionally trending unfavourable so as to add credence to this angle.
If the worth breaks decrease, the following help could 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 have to 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).
Presently, this outlook faces a key hurdle at $0.25, with a growing ascending triangle sample hinting at contemporary 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 help round $0.24. Nevertheless, the worth may fall to lows of $0.20.
DOGE/USD 4-hour chart. Supply: TradingView
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RVN value is at present 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 unfavourable outlook of the 20 EMA curve counsel the trail decrease is extra possible over the following 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