SafeMoon and LItecoin: SafeMoon comes down under pressure
The SafeMoon price’s bullish trend last week was stopped on Saturday at the 0.00004016 level.
This morning, we saw the Litecoin price drop to $70.50.
SafeMoon chart analysis
The SafeMoon price’s bullish trend last week was stopped on Saturday at the 0.00004016 level. After that, the price lost its previous bullish momentum and initiated a pullback from that level. With several strong bearish impulses, we fell to the 0.00003450 level. On Sunday, the price created a new low at the 0.00003350 level. We have additional pressure in the EMA 200 moving average, and for now, it is an obstacle for us to return to the bullish side.
This week’s SafeMoon movement takes place in the 0.0003400-0.00003500 range. We need another strong bullish impulse above 0.00003600 to break out of the bearish embrace. Potential higher targets are the 0.00003700 and 0.00003800 levels. For a bearish option, we need a negative consolidation and a drop in SafeMoon price below the 0.00003400 level. This will form a weekly low and confirm that we are still under bearish pressure. Potential lower targets are the 0.00003300 and 0.00003250 levels.
Litecoin chart analysis
This morning, we saw the Litecoin price drop to $70.50. A new weekly low was formed at that level. After that, the price found strength to stop the further decline and recover to $71.65. If we could manage to climb above $72.00 and get back above the EMA 200 moving average, that would be great for a return to the bullish side. With the support of EMA 200, it will be easier for us to start further recovery. Potential higher targets are $72.50 and $73.00 levels.
For a bearish option, we need a negative consolidation and pullback to a new weekly low. This brings us back to the previous bearish formation, and Litecoin will have to look for support at lower levels. Potential lower targets are $70.00 and $69.50 levels.
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