The overall market is still quite cautious, with altcoins like Dash (DASH), SPX6900 (SPX), and PUDGY PENGU (PENGU) leading the decline.
This pullback on Sunday almost touched the key support level, and the technical outlook for DASH, SPX, and PENGU remains bearish in the short term.
The selling pressure has been relentless, and the price of Dash has barely held onto the key moving averages in recent days.
As of the time of writing on Monday, Dash has risen slightly by 2%, with the price close to the 200-day exponential moving average (EMA) of $41.58. This rebound during the day came after three consecutive trading days of decline, indicating that there is still demand for support at the moving averages in the market.
However, it is important to note that if DASH falls below $40.00, it may threaten the low of October 17 at $38.72, and may even further correct to the low of October 8 at $28.46.
The momentum indicator on the daily chart shows that selling pressure is still increasing. The RSI is around 37, close to the oversold zone; the MACD has already fallen below the signal line, and a new crossover occurred on Sunday, indicating that the short-term market is still weak.
Looking ahead, privacy coins may encounter the 100-day moving average around $50 if they want to rebound, where the pressure is quite obvious.
The SPX may also break the psychological barrier of $0.50.
As of the time of writing on Monday, the trading price of SPX6900 has already fallen below $0.55, down 7% the previous day. The downward trend of SPX is approaching $0.50; if it closes below this level, it may continue to drop to the low of November at $0.4348.
From a technical perspective, the RSI indicator is moving down around 48, slowly approaching the oversold zone; the MACD has continued the sell signal since the crossover on Saturday, indicating that the downtrend of this meme coin is accelerating.
However, if the S&P 500 can regain $0.5683 (the low of November 4), there may be an opportunity to reach the 50-day moving average of $0.7088.
Pudgy Penguins is currently at risk of losing psychological support.
As of the time of writing on Monday, PENGU has temporarily held the psychological level of $0.01000, a drop of 8% the previous day. However, on Tuesday it failed to hold the low of November 4 at $0.01323, and the price continued to decline.
From a technical perspective, the smoothest path for these meme coins may first touch the low of December 1 at $0.00934. If it breaks below this level, it may continue to drop to the low of June 22 at $0.00773.
The RSI has dropped to 41, continuing the downward trend that began from the midline, indicating that selling pressure is increasing; the MACD is also approaching the signal line, with potential crossover risks, which may mean that a new round of downward momentum is forming.
From a positive perspective, if the price can stabilize and rebound around $0.01000, it may surge to the level of $0.01323.
