Most altcoins are struggling to recover from the recent drop in the price of Bitcoin.
The prices of Safemoon (SAFEMOON), Dogecoin (DOGE) and Ravencoin (RVN) suffered sharp losses during the crypto crash this week. Most altcoins followed the fall in the price of Bitcoin, which reached 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.
Prix de Safemoon
SAFEMOON hit an intra-day low of $ 0.00000151, the drop being driven by the recent cryptocurrency 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 towards the support curve of the Bollinger bands. The RSI and MACD are also trending negative to add credit to this outlook.
If the price breaks lower, 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 midline Bollinger Bands ($ 0.00000181) and then the 100 SMA at $ 0.00000198.
Dogecoin Price
Dogecoin’s price is trending just in the green on the 4-hour chart, with the potential for a sustained reversal, hinted at by the bullish 4-hour MACD crossover. The upside should cross the resistance at $ 0.26 (horizontal green line) for a scenario that will allow a new target at the SMA 50 ($ 0.28) level.
Currently, this prospect is facing a key hurdle at $ 0.25, with an ascending triangle pattern pointing to further losses. The RSI below the 50 mark and the sloping SMA curve of 50 add to this probability.
If the DOGE / USD pair breaks lower, the bulls can count on initial support around $ 0.24. However, the price could drop to lows of $ 0.20.
DOGE / USD 4 hour chart. Source: TradingView
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Ravencoin Price
RVN’s price is currently capped near $ 0.12 on the 4-hour data chart, and bullish attempts to break above the barrier are not being helped by the sell-off pressure, as evidenced by the increased sales volume.
The decline in the RSI below the equilibrium level and the negative outlook for the 20 EMA curve suggests that the downward path is more likely over the next few days. In this case, RVN / USD could drop to support levels around $ 0.10.
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 bids at $ 0.13 and $ 0.14.
4 hour chart of RVN / USD. Source: TradingView
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