SafeMoon and Litecoin: Litecoin retreating to a new low
- This morning, the price of SafeMoon consolidated at the 0.00003100 level
- The Litecoin price pulled back below the $66.00 support zone yesterday
SafeMoon chart analysis
This morning, the price of SafeMoon consolidated at the 0.00003100 level. In the previous hour, we saw a strong bullish impulse and a jump to the 0.00003300 level. That brought us back above the weekly open price to the positive side. We are also again above the EMA 200 moving average, which we like. Now, the price needs to hold here in order to continue with the bullish option.
Potential higher targets are 0.00003350 and 0.00003400 levels. For a bearish option, the price of SafeMoon would have to first drop below the weekly open price. After that, the pressure increases to start a further pullback and visit the EMA 200 moving average. This time, it could happen that we don’t have enough power and stay above. With that, we take a step below to a new low and strengthen the bearish momentum. Potential lower targets are the 0.00003100 and 0.00003000 levels.
Litecoin chart analysis
The Litecoin price pulled back below the $66.00 support zone yesterday. With a couple of strong bearish impulses, the price broke through the EMA 200 moving average and formed a new low at the $63.00 level. That was our first support because we saw a recovery to the $65.00 level after that. At this level, we encountered a new resistance and started a bearish consolidation to a new low at $62.70.
Potential lower targets are the $62.50 and $62.00 levels. Litecoin is currently under a lot of pressure and could make an even bigger pullback. First, we need a positive consolidation and a return above the $63.50 level for a bullish option. Then, we need to hold there to initiate a continuation of the recovery to the bullish side. Potential higher targets are the $64.00 and $64.50 levels.
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