Safemoon vs Dogecoin – How do they perform when Bitcoin rises and falls?

Safemoon vs Dogecoin is an attention-grabbing debate. Particularly within the bigger context of the altcoin market. Safemoon’s [SFM] and Dogecoin’s [DOGE] value motion adopted Bitcoin’s [BTC] cue in April. Nevertheless, DOGE had an early begin after Elon Musk swapped it for Twitter’s brand 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 scam allegations nonetheless outweigh its ongoing value motion. It made a brand new swing lows at press time, however it will probably’t hinder it from a probable rebound. 

On condition that each are memecoins and might simply go viral and provide 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 value 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. 

Is your portfolio inexperienced? Test DOGE Profit Calculator

The bullish sentiment additionally supplied a protected touchdown for SAFEMOON bulls. They rallied from $0.0001700 to $0.0002804 – A 64% hike. 

Due to this fact, BTC’s upswing in mid-April noticed SAFEMOON as a safer guess at 64% good points 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 making an attempt 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 in the course of 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 had 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 each day charts for some solutions. 

Safemoon [SFM] Worth Prediction – A rebound possible?

Supply: SFM/USDT on TradingView

How a lot are 1,10,100 Safemoons [SFM] value at the moment?

On the each day chart, Safemoon’s value motion was beneath its brief and long-term tendencies – A particularly bearish outlook. 

Moreover, the OBV (On Stability Quantity) dipped sharply since April 17, and the RSI (Relative Power Index) additionally hit the oversold zone, confirming elevated promoting strain. 

The value motion inflicted a bearish breakout and shaped a brand new swing low at press time. As such, sellers might goal $0.0001416 if the latest swing low of $0.0001700 doesn’t maintain. 

Bulls might solely achieve 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 strain eased throughout the identical interval. 

Dogecoin [DOGE] Worth Prediction – Can bulls inflict a pivot?

DOGE/USDT on TradingView

Like Safemoon, DOGE had a parallel channel and value motion was beneath the brief and long-term tendencies (50-EMA and 100-EMA). Nevertheless, DOGE hasn’t breached the March swing low of $0.06500. 

Notably, the decrease wicks lengthen into the bullish order block (cyan), displaying the bulls are eager on defending the help. As such, bulls might try a restoration and rally in direction of the bearish order block at $0.09424, particularly if BTC reclaims the $29k zone. 

On the draw back, sellers might achieve extra leverage if the help cracks. Nevertheless, an prolonged drop might ease close to $0.07322 or on the March swing low of $0.06500 in an excessive state of affairs. 

Right here, it’s value 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 might fall decrease than the latter, as seen in April. 

Learn Dogecoin [DOGE] Price Prediction 2023-24

Conclusion

From a value motion perspective, DOGE can climate market volatility betters, particularly downswings correlated to BTC. 

Nevertheless, Safemoon might provide higher returns throughout BTC’s upswings. Sadly, this isn’t a assure, given the present allegations of scams surrounding Safemoon. 

On the brilliant aspect, each property might get better losses if BTC reclaims the $29k. Though they’ll react positively to such a improvement, the efficiency will fluctuate.