West Ham United are a point adrift of safety at the moment.
Moyes picked up his first point as West Ham boss on Friday as the Irons came from behind to draw 1-1 Leicester City at the London Stadium.
The Hammers posted a much-improved performance for the new manager following the dismal 2-0 defeat by Watford last weekend.
Moyes's side remain in the bottom three but only a point separates them from West Bromwich Albion in 17th place.
The Scottish manager succeeded axed Slaven Bilic earlier this month but although Redknapp - who signed the Croat for West Ham in the 90s - says his former player would've steered the ship in the right direction again, he believes Moyes will do just that nevertheless.
He told Game, via Football London: "Managers are getting sacked far too quickly and Slaven, I'm sure given time would have turned it around there and they would have gone on a decent run.
"But I wish David Moyes all the best. David's a good guy, it's a good club, with a big fan base and I'm sure West Ham will climb out of trouble."
Sadly for the East Londoners and Moyes, they have a horrific run of fixtures on the horizon.
First, they face Everton - who lost 4-1 at Southampton today - in midweek but the Toffees could have a permanent manager in place by then, before then clashing with Manchester City, Arsenal and Chelsea in the weeks following that one.