Altcoins Fall Amid Cautious Crypto Market
Altcoins like Dash (DASH), SPX6900 (SPX), and Pudgy Penguins (PENGU) are leading losses today. The cryptocurrency market stays cautious before key economic reports. Investors await the US Nonfarm Payroll report, inflation data, and the Bank of Japan’s rate decision. The technical outlook for these coins is bearish as recent drops test critical support levels.
Dash Holds Key Support but Faces Selling Pressure
Dash rose 2% on Monday but stays near its 200-day Exponential Moving Average (EMA) at $41.58. This level is important after three days of losses, showing some buying interest. If DASH falls below $40, it risks dropping further to the October 17 low of $38.72. A bigger decline could reach the October 8 low at $28.46.
Momentum indicators suggest growing selling pressure. The Relative Strength Index (RSI) is at 37, near oversold levels. The MACD indicator crossed below its signal line on Sunday, signaling weakness. Resistance is near the 100-day EMA at $50 if DASH rebounds.
SPX6900 Approaches Key Support Near $0.50
SPX6900 trades below $0.55 after a 7% drop on Sunday. The token is close to a key psychological support at $0.50. A daily close under $0.50 may push SPX down to the November low of $0.4348.
The RSI stands at 48 and is moving down toward oversold levels. The MACD confirms selling pressure after a recent bearish crossover. If SPX climbs above $0.5683, the November 4 low, it could try to reach the 50-day EMA at $0.7088.
Pudgy Penguins Near Critical Support Level
Pudgy Penguins holds just above $0.01 after an 8% drop on Sunday. The coin failed to close above the November 4 low at $0.01323, which triggered the current downtrend.
The next support is the December 1 low at $0.00934. Falling below this could lead to a deeper drop toward the June 22 low of $0.00773.
The RSI is at 41, showing increased selling pressure. The MACD is close to crossing below its signal line, suggesting more bearish momentum. If PENGU rebounds, it may target the $0.01323 resistance level.
