SafeMoon and Litecoin: New Weekly Support and Targets
- Over the weekend, the SafeMoon price managed to bounce back above the EMA 200 moving average
- The seven-day bullish trend of the price of Litecoin was stopped yesterday at the $69.33 level
SafeMoon chart analysis
Over the weekend, the SafeMoon price managed to bounce back above the EMA 200 moving average. After the weekend, lateral consolidation in the 0.00003000-0.00003400 range. On Monday, we saw a breakout above and the formation of a new weekly high at the 0.00003890 level. Soon after, SafeMoon began to lose strength, causing a pullback to support at 0.00003200.
The price gets new support there, and with the EMA 50 moving average, we climbed again to 0.00003600. SafeMoon needs to continue its bullish consolidation to continue on the bullish side. For a bearish option, we need a negative consolidation down to the 0.00003000 level. With that step, the price moves to the bearish side, and we will be forced to look for a new weekly low. Potential lower targets are the 0.00002800 and 0.00002600 levels.
Litecoin chart analysis
The seven-day bullish trend of the price of Litecoin was stopped yesterday at the $69.33 level. Shortly after the formation of a new high, the price began to retreat. We managed to get the first support at $67.00, but it was short-lived, as we saw a break below this morning. Litecoin fell to a weekly low at the $66.00 level. For now, it is holding above, recovering to the $66.70 level.
The price has an opportunity to return to the bullish side above $67.00 and the EMA 50 moving average. Potential higher targets are the $67.50 and $68.00 levels. For a bearish option, we need a negative consolidation and a drop in Litecoin’s price below $66.00. After that, we expect to test the EMA 200 moving average. Potential lower targets are the $65.50 and $65.00 levels.
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