SafeMoon continues to move under moving average pressure
- Yesterday’s attempt by the SafeMoon price to recover was stopped at the 0.00003050 level.
- The price of Litecoin managed to stabilize at the $56.00 level this morning.
SafeMoon chart analysis
Yesterday’s attempt by the SafeMoon price to recover was stopped at the 0.00003050 level. We didn’t have the strength to continue, and from there, a bearish consolidation started. The price fell again below the weekly open price and the EMA 50 moving average, further strengthening the bearish momentum. SafeMoon then formed a new daily low at the 0.00002840 level, and we expect to see a continuation on the bearish side.
Potential lower targets are the 0.00002800 and 0.00002700 levels. We need a positive consolidation and a return above the 0.00003000 level for a bullish option. If we succeed in this, the chances of starting a further recovery on the bullish side increase. Potential higher targets are 0.00003100 and 0.00003200 levels. SafeMoon could face additional resistance at the 200 EMA at 0.00003100.
Litecoin chart analysis
The price of Litecoin managed to stabilize at the $56.00 level this morning. From there, we see the initiation of a bullish impulse to the $58.65 level. For now, we are holding at $57.70 and trying to get support from the EMA 50 moving average. The price is now under slight bearish pressure, which could influence us to start a pullback. A return to this morning’s support zone is the next step.
Depending on how we behave there, Litecoin could form a new daily low. Potential lower targets are $55.00 and $54.00 levels. For a bullish option, we need a positive consolidation and a price jump to the $60.00 level. With that step, we will be able to move above the previous resistance zone. After that, Litecoin would have to stabilize up there before starting a further recovery. Potential higher targets are $61.00 and $62.00 levels.
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