Most altcoins are struggling to recover after the recent fall in Bitcoin’s price.
Safemoon (SAFEMOON), Dogecoin (DOGE) and Ravencoin (RVN) prices suffered brutal losses in the crypto crash this week. Most altcoins followed Bitcoin’s price drop to highs of $52,000. Safemoon’s price hit a low of $0.00000154, Dogecoin tested a seven-day low at $0.24, and Ravencoin slipped to $0.11.
SAFEMOON hit an intraday low of $0.00000151, with the decline being caused by the recent crypto-currency crash. The price is now below the 50 and 100 simple moving averages on the 8-hour chart.
The bearish outlook for the price of SAFEMOON is accentuated by the dip towards the Bollinger Bands support line. The RSI and MACD are also trending negatively to add credence to this outlook.
If the price breaks to the downside, the next support would be around the $0.00000134 area.
SAFEMOON/USDT 8-hour chart. Source: Gate.io
On the upside, SafeMoon bulls face tough hurdles at the median Bollinger Bands ($0.00000181) and then at 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 cross on the 4-hour MACD. The upside needs to break through resistance at $0.26 (horizontal green line) for a scenario that will allow a new target at the 50 SMA ($0.28).
Currently, this outlook faces a key hurdle at $0.25, with an ascending triangle pattern suggesting further losses. The RSI below the 50 mark and the sloping 50 SMA curve add to this probability.
If the DOGE/USD pair breaks to the downside, bulls can count on initial support around $0.24. However, price could fall to lows of $0.20.
DOGE/USD 4-hour chart. Source: TradingView
RVN price is currently capped near $0.12 on the 4-hour data chart, and bullish attempts to break above the barrier are not helped by the massive selling pressure, as evidenced by the increased selling volume.
The drop in RSI below the equilibrium level and the negative outlook on the 20 EMA suggest that the path down is more likely in the next few days. In this case, RVNThe MACD suggests that the pair could fall to support levels around $0.10. On the upside, the MACD suggests that the pair has a chance to rise.
On the upside, the MACD suggests that the upside has its chances. 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