SafeMoon and Litecoin: SafeMoon stable around EMA200
- Since the beginning of the week, the price of SafeMoon has been in a sideways consolidation in the 0.00009000-0.00012000 range.
- The price of LItecoin was forced down to the $93.46 level yesterday.
SafeMoon chart analysis
Since the beginning of the week, the price of SafeMoon has been in a sideways consolidation in the 0.00009000-0.00012000 range. This morning we had an attempt to climb above 0.00011000, but we are running into resistance there. This leads to a new pullback to the middle of this channel, where we encounter the EMA200 moving average. We are now under more pressure to move below and look for new support and the zone around the 0.00009000 level.
A new testing of that zone would only strengthen the bearish momentum to slide to a new weekly low. Potential lower targets are the 0.00008000 and 0.00007000 levels. If we manage to stay above the EMA200 and 0.00010000 levels, we will have a new opportunity to start a bullish consolidation. Potential higher targets are the 0.00012000 and 0.00013000 levels.
Litecoin chart analysis
The price of LItecoin was forced down to the $93.46 level yesterday. After forming the weekly low, the price starts a bullish recovery to the $98.00 level. In that zone, we encounter the EMA50 moving average, which provides us with additional support for continuing to the bullish side. We expect to reach the $100.00 level, where we have the next potential resistance in the EMA200 moving average.
A stronger bullish impulse could easily break that and send us to a new daily high. Potential higher targets are $101.00 and $102.00 levels. We need a pullback below the $96.00 support level for a bearish option. With that step, we move to the bearish side and approach yesterday’s support zone. We are again under pressure around the $95.00 level, which could have a negative impact on the further movement of the Litecoin price. Potential lower targets are $94.00 and $93.00 levels.
