Safemoon vs Dogecoin is an fascinating debate. Particularly within the bigger context of the altcoin market. Safemoon’s [SFM] and Dogecoin’s [DOGE] worth motion adopted Bitcoin’s [BTC] cue in April. Nevertheless, DOGE had an early begin after Elon Musk swapped it for Twitter’s emblem for just a few days in early April. Twitter’s motion noticed DOGE swing from $0.07600 to $0.10500 on April 3.
SFM didn’t fall far behind in traction, however its previous and rip-off allegations nonetheless outweigh its ongoing worth motion. It made a brand new swing lows at press time, however it could’t hinder it from a probable rebound.
On condition that each are memecoins and might simply go viral and supply earnings in the long term – Which one carried out higher in April, and the way a lot can they climate market volatility sooner or later?
DOGE vs. SAFEMOON – Which one is safer in market volatility?
Belongings react in a different way to market uncertainty. For DOGE and SAFEMOON, the response was various, particularly throughout BTC’s worth swings in April 2023.
Notably, BTC consolidated narrowly close to $28k in late March however broke above the vary on 11 April. The upswing noticed BTC hit $31k.
Over the identical interval, DOGE’s rally after Twitter’s motion had cooled to round $0.08107, up from $0.10500. Nevertheless, BTC’s surge prompted it to rally to $0.09500 – A 17% hike.
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The bullish sentiment additionally provided a protected touchdown for SAFEMOON bulls. They rallied from $0.0001700 to $0.0002804 – A 64% hike.
Subsequently, BTC’s upswing in mid-April noticed SAFEMOON as a safer wager at 64% beneficial properties in comparison with DOGE’s 17% over the identical interval.
The image was fairly completely different after BTC’s sharp retracement. The king coin dropped from the $31k to $26k zone on 24 April, earlier than trying a restoration.
Apparently, SAFEMOON shed 21% of its worth, plunging from $0.0002804 to a key bullish order block of $0.0001938 on 24 April. Nevertheless, DOGE misplaced about 19% of its worth after declining from $0.09500 to $0.07715 in the identical interval.
Therefore, SAFEMOON took extra hits throughout BTC’s drop than DOGE. Put in a different way, SAFEMOON outperformed DOGE throughout BTC’s upswing, however sustained extra losses throughout the downswing.
Primarily based on buying and selling quantity, DOGE had over $261 million in comparison with SFM’s (Safemoon V2) $1.2 million, on the time of writing, translating to $10.9 billion and 93.5 million market caps, respectively.
Other than various efficiency in market volatility, technical indicators have been barely completely different in the identical interval too. Now, how can these variances have an effect on the meme cash’ long-term prospects? Let’s take a look on the day by day charts for some solutions.
Safemoon [SFM] Worth Prediction – A rebound seemingly?
How a lot are 1,10,100 Safemoons [SFM] price right now?
On the day by day chart, Safemoon’s worth motion was beneath its quick and long-term developments – An especially bearish outlook.
Moreover, the OBV (On Stability Quantity) dipped sharply since April 17, and the RSI (Relative Energy Index) additionally hit the oversold zone, confirming elevated promoting stress.
The worth motion inflicted a bearish breakout and shaped a brand new swing low at press time. As such, sellers may goal $0.0001416 if the latest swing low of $0.0001700 doesn’t maintain.
Bulls may solely acquire little leverage if the $0.001938-level is flipped to help once more. Nevertheless, the construction will solely flip bullish if SFM closes above the bearish order block at $0.0002449 (higher channel boundary).
Notably, the RSI has hovered beneath the 50-levels since mid-March, with a brief upswing in mid-April earlier than retreating to decrease ranges – Confirming shopping for stress eased throughout the identical interval.
Dogecoin [DOGE] Worth Prediction – Can bulls inflict a pivot?
Like Safemoon, DOGE had a parallel channel and worth motion was beneath the quick and long-term developments (50-EMA and 100-EMA). Nevertheless, DOGE hasn’t breached the March swing low of $0.06500.
Notably, the decrease wicks prolong into the bullish order block (cyan), exhibiting the bulls are eager on defending the help. As such, bulls may try a restoration and rally in the direction of the bearish order block at $0.09424, particularly if BTC reclaims the $29k zone.
On the draw back, sellers may acquire extra leverage if the help cracks. Nevertheless, an prolonged drop may ease close to $0.07322 or on the March swing low of $0.06500 in an excessive situation.
Right here, it’s price noting that DOGE was bullish all through April, however solely flipped to bearish on 20 April after BTC misplaced maintain of $29k.
Nevertheless, given DOGE’s modest response to BTC’s drop in comparison with SAFEMOON, the previous may fall decrease than the latter, as seen in April.
Learn Dogecoin [DOGE] Worth Prediction 2023-24
From a worth motion perspective, DOGE can climate market volatility betters, particularly downswings correlated to BTC.
Nevertheless, Safemoon may supply higher returns throughout BTC’s upswings. Sadly, this isn’t a assure, given the prevailing allegations of scams surrounding Safemoon.
On the brilliant aspect, each property may recuperate losses if BTC reclaims the $29k. Though they may react positively to such a improvement, the efficiency will fluctuate.