The price of SafeMoon continued to consolidate below the EMA 200 moving average this week as well
The previous bullish trend of the Litecoin price was stopped on Monday at the $67.98 level

SafeMoon chart analysis

The price of SafeMoon continued to consolidate below the EMA 200 moving average this week as well. On Monday, we had a short break above the 0.00003100 level, after which we quickly returned below the moving average. Today’s trend is unchanged and we continue to move sideways in the 0.00002300-0.00002800 range. A new impulse below this level will form a new weekly low and thus confirm that the price is under pressure.

Potential lower targets are the 0.00002200 and 0.00002000 levels. For a bullish option, we need a positive consolidation and a return above the EMA 200 moving average and the 0.00003000 level. With that, we are moving to the positive side and need to stay up there. If we succeed, the price could start a bullish recovery. Potential lower targets are the 0.00003200 and 0.00003400 levels.

Litecoin chart analysis

The previous bullish trend of the Litecoin price was stopped on Monday at the $67.98 level. Shortly after that, the price initiated a pullback and fell below the $67.00 level. The price falling until last night, when it formed a new weekly low at $64.50. This morning’s consolidation is in the $64.50-$65.50 range. For now, the price resists the pressure and remains above the weekly low.

We need to move back up to the 200 EMA and the $66.00 resistance zone if we want to try to get back to the bullish side. With a breakout above, Litecoin has an opportunity to start further bullish consolidation. Potential higher targets are $66.50 and $67.00 levels. For a bearish option, we need a negative consolidation and a break below the $64.50 support level. Thus, we move to a new weekly low and confirm the bearish momentum. Potential lower targets are $64.00 and $63.50 levels.