- SafeMoon price fell to a new low at 0.00001266 on Tuesday
- Litecoin price on Tuesday retreated to $61.98, forming a new weekly low there.
SafeMoon Chart Analysis
SafeMoon price hit a new low again at 0.00001266 on Tuesday. The price maintenance in that area was short-lived and we returned to the 0.00002500 level very quickly. On Wednesday and Thursday we saw that the price managed to stay above that level, but had no momentum to continue to the bullish side. We need fresh momentum above 0.00003200 and the 200 EMA.
With that step, we return above the weekly opening level to the positive side. Once SafeMoon stabilizes there, it could trigger a bullish consolidation. The highest potential targets are the 0.00003500 and 0.00004000 levels. For a bearish option, we need a negative consolidation and a price drop below the support at 0.00002500. This takes us to a new daily low and reinforces the bearish momentum. Possible lower targets are the 0.00002000 and 0.00001500 levels.
Litecoin Chart Analysis
Litecoin price on Tuesday retreated to $61.98, forming a new weekly low there. A strong bearish consolidation and a break below the 200 EMA moving average led the price to a new low. On Wednesday and today Litecoin is trying to stabilize in the range of $62.00-$64.00. As of this morning, we are in a bullish consolidation and hope to break out of this range. A push to $65.00 would give us new support at the 50 EMA.
After that, we can expect further bullish momentum and the conquest of higher levels. The highest potential targets are the $66.00 and $67.00 levels. If we fail to break out of this morning's range of motion, the price will be under pressure to initiate a pullback. We can consider the new drop to $62.00 as confirmation of a return to the bearish side. The possible lower targets are the $61.00 and $60.00 levels.
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