Bitcoin

Dogecoin

April

Elon Musk

The dispute between Safemoon and Dogecoin is fascinating. Especially in the perspective of the broader altcoin market. In April, the prices of Safemoon [SFM] and Dogecoin [DOGE] followed the lead of Bitcoin [BTC]. DOGE, on the other hand, began early when Elon Musk switched it for Twitter’s logo for a few days in early April. DOGE traded on Twitter from $0.07600 to $0.10500 on April 3.&nbsp; 
SFM didn’t lag far behind in interest, but its history and fraud claims continue to overwhelm its current price action. It set new swing lows at publication but won’t stop a probable comeback.&nbsp; Given that both are memecoins that may quickly become popular and provide long-term gains – Which performed better in April, and how well will they weather future market volatility?&nbsp; 
When the market is uncertain, various assets respond differently. DOGE and SAFEMOON’s reactions varied, particularly amid BTC price volatility in April 2023. &nbsp; Notably, BTC consolidated near $28k in late March before breaking above the range on April 11. BTC reached $31,000 during the surge.&nbsp; During the same time period, DOGE’s rally following Twitter’s action cooled to around $0.08107, up from $0.10500. However, BTC’s surge caused it to rise to $0.09500, a 17% increase.&nbsp; 
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The optimistic attitude also provided SAFEMOON bulls with a safe landing. They increased by 64% from $0.0001700 to $0.0002804. As a result of BTC’s upsurge in mid-April, SAFEMOON was a safer investment, with 64% gains compared to 17% for DOGE during the same time.&nbsp; After BTC’s sharp retracement, the picture changed dramatically. On April 24, the king coin fell from $31k to $26k before trying to rebound. 
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Interestingly, SAFEMOON lost 21% of its value on April 24, falling from $0.0002804 to a crucial bullish order block of $0.0001938. DOGE, on the other hand, lost almost 19% of its value over the same time, falling from $0.09500 to $0.07715.&nbsp; As a result, SAFEMOON suffered larger losses during the BTC decline than DOGE. In other words, SAFEMOON outperformed DOGE during the ascent of BTC but suffered more significant losses during the downswing.&nbsp;&nbsp; 
DOGE had around $261 million in trading volume compared to SFM’s (Safemoon V2) $1.2 million at the time of writing, equivalent to $10.9 billion and 93.5 million market caps, respectively.&nbsp; Aside from varying market volatility performance, technical indicators were also slightly different during the same period. How will these differences affect the meme currencies’ long-term prospects? Let’s look at the daily charts to get some answers.&nbsp; 
Safemoon’s price behavior on the daily chart was below its short and long-term trends – A rather negative viewpoint.&nbsp; 
Furthermore, the OBV (On Balance Volume) has dropped significantly since April 17, and the RSI (Relative Strength Index) has entered the oversold zone, indicating increased selling pressure.&nbsp; 
The price action imposed a bearish breakthrough at press time, setting a new swing low. As a result, if the latest swing low of $0.0001700 does not hold, sellers may aim for $0.0001416.&nbsp; 
Bulls will gain a minimal advantage if the $ 0.001938 level is returned to support. However, the structure will become bullish only if SFM closes above the bearish order block at $0.0002449 (upper channel border).&nbsp; 
Notably, the RSI has been hovering below 50 since mid-March, with a brief upswing in mid-April before retreating to lower ranges – confirming that buying pressure has eased over the same period.&nbsp; 
DOGE exhibited a parallel channel, similar to Safemoon, and price movement was below the short and long-term trends (50-EMA and 100-EMA). DOGE, on the other hand, has been unable to break through the March swing low of $0.06500.&nbsp; 
Notably, the lower wicks extend into the bullish order block (cyan), indicating that the bulls are determined to defend the support level. As a result, if BTC reclaims the $29k zone, bulls may try a comeback and surge toward the bearish order block at $0.09424.&nbsp; On the downside, sellers may gain more leverage if the support cracks. In a severe case, a long slide might ease at $0.07322 or the March swing low of $0.06500.&nbsp; 
It is worth noting that DOGE was bullish throughout April but only turned negative on April 20, when BTC lost control over $29k. However, given DOGE’s muted reaction to BTC’s decline compared to SAFEMOON, the former may fall lower than the latter, as seen in April.&nbsp; 
Price movement suggests that DOGE can withstand market volatility better than BTC, particularly downswings.&nbsp; Safemoon, on the other hand, may provide greater profits during BTC upswings. Unfortunately, this isn’t a guarantee, given the existing allegations of Safemoon scams.&nbsp; On the plus side, if BTC reclaims the $29k, both assets may recoup losses. They will respond favorably to such a development, although their performance will vary. 
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The post <a rel="nofollow" href="https://bitcoinworld.co.in/safemoon-vs-dogecoin-how-do-they-perform-when-bitcoin-rises-and-falls/">Safemoon Vs. Dogecoin – How Do They Perform When Bitcoin Rises and Falls?</a> appeared first on <a rel="nofollow" href="https://bitcoinworld.co.in">BitcoinWorld</a>.

Safemoon Vs. Dogecoin – How Do They Perform When Bitcoin Rises and Falls?

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