SafeMoon Price Plunges: Could EMA200 level be the Saviour?
The price of SafeMoon remains in the support zone today, putting pressure on the 0.00003545 level.
The price of Litecoin rose last night to the $68.80 level.
SafeMoon chart analysis
The price of SafeMoon remains in the support zone today, putting pressure on the 0.00003545 level. There is a bigger chance that we will soon see a breakout below and the formation of a new price low. The price has been in a strong bearish trend since mid-December, and we see no indication that there may be a change. Potential lower targets are the 0.00003500 and 0.00003450 levels.
For a bullish option, Safemoon would have to initiate a positive consolidation and move to the 0.00003750 level. This is where we would test the EMA200 moving average. We need a breakout above that would push the price and tear it from the bearish embrace. Then, we would have to hold above the EMA200 in order to start a further recovery with its support. Potential higher targets are the 0.00003800 and 0.00003850 levels.
Litecoin chart analysis
The price of Litecoin rose last night to the $68.80 level. After which we watched a pullback to the $67.70 support level. In that zone, additional support was provided by the EMA200 moving average, and the price started a new positive consolidation and movement to the $68.10 level. We expect to see a continuation to the bullish side and jump to higher levels during the day. Potential higher targets are $68.50 and $69.00 levels.
For a bearish option on the price of Litecoin, we need a drop below the $67.50 level. We would pull back below the EMA200, strengthening the bearish momentum. The price would be forced to seek support at this week’s lower levels. Potential lower targets are $67.00 and $66.50 levels.
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