SafeMoon and Litecoin: Litecoin tries to stay on new support
- Last Thursday, the price of SafeMoon fell to a new low of 0.00002828
- Last week’s bullish trend in the price of Litecoin was stopped on Saturday at the $68.00 level
SafeMoon chart analysis
Last Thursday, the price of SafeMoon fell to a new low of 0.00002828. After that, we looked at the bullish consolidation until Saturday and the formation of a new high at 0.00003406. We didn’t have the strength to continue, and a pullback towards the EMA 200 moving average was initiated. Last night, we saw the first breakout below, and this morning a new weekly low was formed at the 0.00003100 level. The price quickly managed to stylize and move back above the 200 EMA.
SafeMoon could initiate a bullish consolidation if it manages to stabilize above the 0.00003200 level. Potential higher targets are 0.00003250 and 0.00003300 levels. For a bearish option, we need a return below the EMA 200 and the initiation of a bearish consolidation. After that, we expect a new visit to 0.000003100 today’s low. With that step, we will put pressure on the price to create a new low and confirm the bearish scenario. Potential lower targets are the 0.00003050 and 0.00003000 levels.
Litecoin chart analysis
Last week’s bullish trend in the price of Litecoin was stopped on Saturday at the $68.00 level. Cena quickly lost momentum there and began a retreat on Sunday. This led to a drop below the EMA 200 moving average and $65.00. On Monday, the pressure on Litecoin continued, and we saw a further retreat. This morning, this week’s low was formed at the $62.84 level. For now, we are holding above that level and moving up to $63.00.
If we manage to hold on here, we can hope for further recovery to the bullish side. Potential higher targets are $64.00 and $64.50 levels. We expect strong resistance to a stronger bullish trend around $64.75 in the EMA 200 moving average. For a bearish option, we need to continue with the current bearish consolidation. Despite the current consolidation in the support zone, Litecoin is under pressure to continue its retreat. Potential lower targets are $62.50 and $62.00 levels.
