SafeMoon and Litecoin: New Support Levels and Targets
- The price of SafeMoon continues with lateral consolidation in the 0.00002600-0.00002800 range
- Today, the bearish consolidation of the Litecoin price continued to the $64.24 level, a new weekly low
SafeMoon chart analysis
The price of SafeMoon continues with lateral consolidation in the 0.00002600-0.00002800 range. We are still under pressure from the EMA 200 moving average and the weekly open level. The price needs a strong bullish impulse to shake up the chart and send Safemoon to a new weekly high. Potential higher targets are 0.00003000 and 0.00003200 levels.
For a bearish option, it is important to stay below the EMA 200 moving average. That will add to the bearish momentum and ensure that SafeMoon continues to retreat below the 0.00002400 weekly low. With that step, we will create a new one and confirm that the price is under bearish pressure. Potential lower targets are the 0.00002200 and 0.00002000 levels. Last week’s low was at the 0.00001266 level.
Litecoin chart analysis
Today, the bearish consolidation of the Litecoin price continued to the $64.24 level, a new weekly low. The price is not strong enough to fight and move above the EMA 200 moving average. This led to bearish consolidation and a drop to a new low. If we do not find support soon, we will see a continuation of the bearish trend. Potential lower targets are $64.00 and $63.50 levels.
For the bullish option, we need new support at the current $64.40 level. This would give Litecoin the opportunity to initiate a bullish consolidation and attempt to return above the $65.00 level. With the retracement above, we will have an opportunity for a further rally to $65.50 and the EMA 200 moving average. There, we will test the EMA 200 and give its support for a return to the bullish side. Potential higher targets are $66.00 and $66.50 levels.
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