SafeMoon and LItecoin: SafeMoon tests new weekly support
Yesterday’s attempt by the SafeMoon price above the 0.00003390 level failed, as we saw a break below. Last night, the Litecoin price dropped to the $71.00 level, testing that weekly open price.SafeMoon chart analysis
Yesterday’s attempt by the SafeMoon price above the 0.00003390 level failed, as we saw a break below. A robust and bearish impulse pushed the price to a new weekly low at 0.00003240. Today’s movement continued in the support zone in the 0.00003240-0.003260 range. The price is slowly setting up to fire a new bullish impulse to the upside. Moving above 0.00003320, we move above the weekly open price to the positive side.
Potential higher targets are 0.00003350 and 0.00003400 levels. Additional resistance in the 0.00003400 zone is at the EMA 200 moving average. We need a negative consolidation and pullback below this morning’s support zone for a bearish option. With that step, we move to a new weekly low and confirm the weakness of the SafeMoon price. Potential lower targets are 0.00003200 and 0.00003150 levels.
Litecoin chart analysis
Last night, the Litecoin price dropped to the $71.00 level, testing that weekly open price. Since then, the movement has been in the $71.00-$72.50 range. The price is on a slight rise, and we expect stabilization above the $72.00 level. There, we get the support of the EMA 200 moving average, and it will be easier for us to start a further recovery on the bullish side. Potential higher targets are the $73.00 and $73.50 levels.
For a bearish option, Litecoin’s price would have to be retested to the weekly open price and the $71.00 level. New pressure on the previous support zone would influence us to see an impulse below to a new weekly low. This gives us confirmation of bearish momentum for further price pullback to the bearish side. Potential lower targets are $70.50 and $70.00 levels.
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