Most altcoins are struggling to recover following a recent crash in Bitcoin prices
Safemoon (SAFEMOON), Dogecoin (DOGE) and Ravencoin (RVN) prices sustained brutal losses during this week’s crypto market crash. As Bitcoin price dumped from highs of $52,000, most altcoins followed. Safemoon price hit lows of $0.00000154, Dogecoin tested 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 recent crypto crash. The price is now below the 50 and 100 simple moving averages on the 8-hour chart.
The bearish outlook for SAFEMOON price is accentuated by the dip to the support curve of the Bollinger Bands. The RSI and the MACD are also trending negative to add credence to this perspective.
If the price breaks lower, the next support would be around the $0.00000134 zone.
SAFEMOON/USDT 8-hour chart. Source: Gate.io
On the upside, SafeMoon bulls face tough hurdles at the middle curve of the Bollinger bands ($0.00000181) and then the 100 SMA at $0.00000198.
Dogecoin price is trending just in the green on the 4-hour chart, with the potential for a sustained reversal hinted at by the bullish crossover of the 4-hour MACD. Bulls need to clear above the resistance at $0.26 (horizontal green line) for a scenario that will allow for a new target at the 50 SMA ($0.28).
Currently, this outlook faces a key hurdle at $0.25, with a developing ascending triangle pattern hinting at fresh losses. The RSI below the 50 mark and the sloping curve of the 50 SMA add to this probability.
If DOGE/USD breaks lower, bulls can rely on initial support around $0.24. However, the price could fall to lows of $0.20.
DOGE/USD 4-hour chart. Source: TradingView
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RVN price is currently capped near $0.12 on the 4-hour chart, with bulls’ attempts to break above the hurdle not helped by the massive selling pressure as seen in the rising sell-side volume.
The dipping RSI below the equilibrium level and the negative outlook of the 20 EMA curve suggest the path lower is more likely over the next few days. In this case, RVN/USD might decline to support levels around $0.10.
On the upside, the MACD suggests bulls have a chance. 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. Source: TradingView