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SafeMoon Price Plunges: Could EMA200 level be the Saviour?

Safemoon 2

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.

SafeMoon Chart Analysis

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.

Litecoin chart analysis

 

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