Several altcoins are under pressure as the broader cryptocurrency market exhibits caution. Investors are awaiting key macroeconomic data releases, including U.S. nonfarm payroll figures, CPI data, and interest rate decisions from the Bank of Japan.
From a technical analysis perspective, altcoins like DASH, SPX6900, and PENGU show a bearish outlook, with recent price drops testing crucial support levels.
Dash (DASH) Faces Selling Pressure
DASH is showing a modest increase of around 2% at the time of writing, maintaining stability around the 200-day Exponential Moving Average (EMA) at $41.58. This intraday recovery has interrupted a three-day losing streak, suggesting some buying interest is emerging to defend this critical technical support area.
However, a decline below the $40.00 psychological level could trigger further downside. In this scenario, the price might retest the October 17 low at $38.72 before potentially falling further to the October 8 low around $28.46.
Momentum indicators on the daily timeframe also show negative signals. The Relative Strength Index (RSI) is currently at 37, approaching oversold territory, while the Moving Average Convergence Divergence (MACD) line has crossed below the signal line, forming a new bearish crossover, suggesting increasing selling pressure.
Conversely, if the recovery strengthens, the privacy coin will likely encounter resistance near the 100-day EMA, around $50.00.
SPX6900 Could Extend Losses Below $0.50
SPX6900 is currently trading below $0.5500 after a 7% drop in the previous session. Selling pressure continues to dominate price action, pushing the downtrend closer to the critical psychological support area around $0.5000.
A daily candle close below this level could increase the risk of a correction, potentially leading SPX to retest the November low at $0.4348. This weakness is reinforced by technical indicators: the RSI at 48 is trending downward, indicating building negative momentum, while the MACD continues to expand its selling pressure after the crossover that occurred on Saturday.
On the other hand, a recovery scenario remains possible. If SPX bounces back and surpasses $0.5683—corresponding to the November 4 low—the price could extend its gains toward the 50-day EMA around $0.7088.
Pudgy Penguins (PENGU) Risks Losing Psychological Support
Pudgy Penguins is fluctuating around the $0.01000 psychological level after an 8% drop in the previous session. The meme coin's failure to sustain a daily close above the November 4 low at $0.01323 has triggered a bearish reversal, and the correction is ongoing.
Currently, the most probable scenario is that PENGU will retest the December 1 low around $0.00934. If this support level is breached, selling pressure could intensify, opening the door to a deeper decline toward the June 22 low around $0.00773.
Technical indicators reinforce the bearish trend. The RSI is at 41 and sloping downward, reflecting dominant selling pressure. Simultaneously, the MACD line is approaching the signal line, increasing the risk of a bearish crossover—a confirmation signal for a new phase of weakening momentum.
In a more positive scenario, if PENGU can successfully rebound from the $0.01000 psychological support level, the price could potentially return to the key resistance area at $0.01323.
| Indicator | DASH | SPX6900 | PENGU |
|---|---|---|---|
| RSI | 37 | 48 | 41 |
| Key Support Level | $40.00 | $0.5000 | $0.01000 |
| Potential Target | $28.46 | $0.4348 | $0.00773 |
FAQs
Why are DASH, SPX6900, and PENGU potentially facing further price declines?
These altcoins are showing bearish technical indicators and are testing crucial support levels. Macroeconomic uncertainty and selling pressure in the broader cryptocurrency market are also contributing factors.
What are the key support levels to watch for DASH, SPX6900, and PENGU?
For DASH, watch the $40.00 level. For SPX6900, the $0.5000 level is critical. PENGU is fluctuating around $0.01000, with $0.00934 as the next key support.
What could trigger a potential price recovery for these altcoins?
For DASH, a recovery above the 100-day EMA around $50.00. For SPX6900, surpassing $0.5683. PENGU needs to sustain a daily close above the November 4 low at $0.01323.
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