SafeMoon and Litecoin: Litecoin remains above 70.00
- The price of SafeMoon is in a bearish trend for the third week in a row.
- The price of Litecoin fell to 67.99 last week and thus formed the December low.
SafeMoon chart analysis
The price of SafeMoon is in a bearish trend for the third week in a row. Last week, we fell below the EMA50 moving average, and since then, we have been unable to get back above and stop the decline. The price continued to make new lows, and on Sunday, we saw a drop to the 0.00004200 level. This week, the movement takes place in the 0.00004400-0.00004800 range. SafeMoon is gaining support for now and could trigger a recovery if it breaks above this consolidation.
Potential higher targets are the 0.00005000 and 0.00005200 levels. We again come across the EMA50 moving average in the zone around the 0.00005200 level. For a bearish option, we need a drop below the 0.00004400 level. With that, we would form a new low and confirm the bearish momentum. Potential lower targets are the 0.00004000 and 0.00003800 levels.
Litecoin chart analysis
The price of Litecoin fell to 67.99 last week and thus formed the December low. We received the desired support at that level and began a recovery that took us up to the 74.17 level on Saturday. There, we encounter resistance and start a new pullback, going down to the 70.00 level on Sunday. We get new support and recover to the 72.87 level, which is this week’s resistance. Today’s movement is in the 71.00-72.90 range.
In the middle of this channel is the EMA50 moving average, which further complicates the forecast of the future trend. A break above 73.00 would make our job easier because we would move above the resistance zone and have a good position to grow on the bullish side. Potential higher targets are 73.50 and 74.00 levels.
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