Moyes has been widely criticised for the job he has done at Old Trafford since replacing Ferguson at the helm during the summer.
United, who are not playing this weekend, are seventh in the Premier League table, trailing leaders Chelsea by a huge margin of 18 points - and are on the verge of Champions League elimination following their 2-0 defeat to Olympiakos in Athens.
Missing out on European football is a very real prospect for United, who were knocked out of the FA Cup by Swansea and the Capital One Cup by Sunderland - both at Old Trafford.
They are also 12 points adrift of fourth-placed Manchester City and face an uphill battle to secure Champions League qualification through their league placing.
Despite several failures, Ferguson - who went from 1986 until 1990 before delivering his first trophy at Old Trafford - feels Moyes can be a success and feels he should be given adequate time to make his mark.
"They (United) will be all right," said Ferguson, speaking in Los Angeles at a party thrown by British Consul-General Chris O'Connor ahead of the Oscars.
"It's early days and there have been a lot of changes. He (Moyes) needs time. I was there for 27 years, so with a new manager, it takes time. But they'll be okay."