Economy 14-03-2024 11:04 4 Views

SafeMoon is under pressure, Litecoin retreated to $94.00

Safemoon chart 1

SafeMoon is under pressure, Litecoin retreated to $94.00

  • SafeMoon’s price has been under pressure since the beginning of this week. 
  • Yesterday, the price of Litecoin retreated to the $94.00 level, after which it remained above until today.

SafeMoon chart analysis

SafeMoon’s price has been under pressure since the beginning of this week. This led the price to drop below the EMA200 moving average this morning to a new weekly low at 0.00004544. And now we are consolidating below the EMA200 which puts additional pressure on SafeMoon to slide to a new weekly low. Potential lower targets are the 0.00004500 and 0.00004400 levels.

If we get back above 0.00004800 and EMA200, we will have another opportunity to initiate a bullish consolidation and attempt a recovery. A move above the 0.00005000 level would mean a lot to us because that way, we would get additional support in the EMA50 moving average. This would lead to the formation of a new daily high, and we would have another confirmation that we are returning to the bullish side. Potential higher targets are the 0.00005100 and 0.00005200 levels.

SafeMoon Chart Analysis

Litecoin chart analysis

Yesterday, the price of Litecoin retreated to the $94.00 level, after which it remained above until today. On the upside, we have resistance at the 97.61 level and cannot move above it for now. Today’s support is in the zone around $95.00, and the current consolidation is bullish. We expect Litecoin to have enough strength to break through the resistance zone and climb to a new daily high.

Potential higher targets are the $99.00 and $100.00 levels. For a bearish option, we need a pullback of the Litecoin price below the $95.00 support level. Down below, we will be under more bearish pressure to move to the next lower support. Potential lower targets are the $94.00 and $93.004 levels. The EMA200 moving average is slightly lower in the zone, around the $92.50 level.

Litecoin chart analysis

The post SafeMoon is under pressure, Litecoin retreated to $94.00 appeared first on FinanceBrokerage.

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