Dash, SPX6900, and Pudgy Penguins Slide as Technical Pressure Mounts

Key Moments

Market Overview: Altcoins Under Pressure Ahead of Key Macro Events

Altcoins such as Dash (DASH), SPX6900 (SPX), and Pudgy Penguins (PENGU) are among the weakest performers as the broader cryptocurrency market trades cautiously ahead of upcoming macroeconomic releases, including the US Nonfarm payroll report, CPI data, and the Bank of Japan’s rate-hike decision.

Price action across these names shows a distinctly bearish technical backdrop, with Sunday’s pullback challenging important support zones and strengthening negative momentum signals.

Dash Trades Near 200-Day EMA as Downside Risk Intensifies

Dash is attempting a modest rebound, rising approximately 2% at press time on Monday, and is trading close to its 200-day Exponential Moving Average (EMA) at $41.58. This intraday uptick follows three consecutive losing sessions and suggests some buying interest is emerging around the long-term moving average.

However, the downside remains exposed. A slide below $40.00 could open the door to a test of the October 17 low at $38.72. A break beneath that level would increase the risk of a deeper correction toward the October 8 low at $28.46.

On the momentum side, Dash’s daily chart shows increasing selling pressure. The Relative Strength Index (RSI) stands at 37, close to the oversold boundary, signaling weakening bullish participation. The Moving Average Convergence Divergence (MACD) has crossed below its signal line as of Sunday, reinforcing the bearish tone.

If buyers regain control, any meaningful recovery in DASH may first confront resistance at the 100-day EMA around $50.00, which serves as the initial upside hurdle for the privacy-focused token.

SPX6900 Nears Critical $0.5000 Threshold

SPX6900 is trading below $0.5500 at the time of writing on Monday, extending weakness after a 7% decline on Sunday. The token’s downtrend is moving closer to the $0.5000 psychological level, a key area that could determine whether the current pullback deepens.

A sustained daily close under $0.5000 would expose the November low at $0.4348 as the next notable downside target.

Technical indicators point toward growing bearish momentum. The RSI sits at 48 and is sloping downward, heading toward the oversold zone, while the MACD continues to strengthen its sell signal following Saturday’s bearish crossover.

On the upside, if SPX can reclaim the $0.5683 level, which aligns with the November 4 low, it may then look to challenge the 50-day EMA at $0.7088 as a subsequent resistance area.

Pudgy Penguins Tests $0.01000 Support After Failed Breakout

Pudgy Penguins is trading just above the $0.01000 psychological mark as of Monday, after suffering an 8% drop on Sunday. The meme coin was unable to secure a daily close above the November 4 low at $0.01323 on Tuesday, triggering the current downside reversal.

The prevailing directional bias points lower. The nearest downside objective lies at the December 1 low of $0.00934. Should PENGU fall through that support, the decline could stretch toward the June 22 low at $0.00773.

Momentum readings support this bearish outlook. The RSI is at 41 and continues to move away from the midpoint, signaling rising selling pressure. At the same time, the MACD is moving toward its signal line, setting up the risk of a new bearish crossover that would confirm renewed negative momentum.

If buyers defend the $0.01000 level and spark a rebound, the first upside target would be a return to the $0.01323 area, corresponding to the November 4 low.