Top Crypto Losers: DASH, SPX, PENGU – Privacy and meme coins lose ground

Altcoins, including Dash (DASH), SPX6900 (SPX), and Pudgy Penguins (PENGU), are leading losses as the broader cryptocurrency market remains cautious ahead of the macroeconomic data releases, such as the US Nonfarm payroll report, CPI data, and the Bank of Japan’s rate-hike decision. The technical outlook for DASH, SPX, and PENGU remains critically bearish as Sunday’s pullback threatens key support levels.

Dash holds at a crucial moving average as selling pressure builds

Dash edges higher by 2% at press time on Monday, holding near its 200-day Exponential Moving Average (EMA) at $41.58. The intraday recovery marks an uptick after three consecutive days of losses, reflecting demand at the moving average.

If DASH slips below $40.00, it could threaten the October 17 low of $38.72, risking a steeper correction to the October 8 low at $28.46.

The momentum indicators on the daily chart show a steady increase in selling pressure. The Relative Strength Index (RSI) at 37 hovers close to the oversold zone while the Moving Average Convergence Divergence (MACD) declines below the signal line with a fresh crossover on Sunday.

Looking up, a potential recovery in the privacy coin could find the 100-day EMA at $50.00 as the immediate resistance.

SPX6900 could extend the decline below $0.50

SPX6900 trades below $0.5500 at the time of writing on Monday, after a 7% drop on the previous day. The SPX token's declining trend approaches the $0.5000 psychological mark.

A potential daily close below this level could drop SPX to the November low at $0.4348. 

The meme coin is gaining bearish momentum as the RSI at 48 slopes downwards, aiming for the oversold zone, while the MACD extends the sell signal after Saturday’s crossover.

However, if SPX resurfaces above the $0.5683 level, aligning with the November 4 low, it could aim for the 50-day EMA at $0.7088.

Pudgy Penguins risks losing psychological support

Pudgy Penguins holds above the $0.01000 psychological level at press time on Monday, after an 8% drop on the previous day. The meme coin failed to secure a daily close above the November 4 low at $0.01323 level on Tuesday, resulting in the ongoing reversal.

The path of least resistance for the meme coin targets the December 1 low at $0.00934. If PENGU slips below this level, it could extend the decline to the June 22 low at $0.00773. 

The RSI at 41 extends the downside reversal from the halfway line, indicating a rise in selling pressure. Furthermore, the MACD approaches its signal line, risking a potential crossover which could confirm a refreshed bearish momentum.

On the upside, a potential rebound from $0.01000 could aim for the $0.01323 level.