SafeMoon and Litecoin: Litecoin has support issues
- Last night, the price of SafeMoon jumped to the 0.00003920 level, forming a new weekly high there.
- Yesterday, the price of Litecoin retreated to the $71.00 level.
SafeMoon chart analysis
Last night, the price of SafeMoon jumped to the 0.00003920 level, forming a new weekly high there. Immediately at the beginning of Thursday, we saw the initiation of bearish consolidation and the withdrawal of the price to the 0.00003680 level. The price is under pressure, and for now, it is consolidating and maintaining at that level. The picture is turned to the bearish side, and we could see a descent to a new daily low.
Potential lower targets are the 0.00003500 and 0.00003400 levels. The price will get additional support at 0.00003400 because we will encounter the EMA 200 moving average and test the weekly open price. For a bullish option, SafeMoon needed to initiate a new positive consolidation and move back above the 0.00003800 level. Potential higher targets are the 0.00003900 and 0.00004000 levels.
Litecoin chart analysis
Yesterday, the price of Litecoin retreated to the $71.00 level. After that, we managed to stabilize there and recover to the $72.50 level. We are now at $72.25 and looking for support at the EMA 50 moving average. The price needs to create an impulse above the EMA 50 line in order to release the bearish pressure. By moving up to $73.00, we will have enough room to start a positive consolidation.
Potential higher targets are $73.50 and $74.00 levels. For a bearish option, we need a pullback of Litecoin down to the $71.00 level. Thus, the price drops below the daily open price to the negative side. It will only strengthen the bearish momentum for further continuation to the bearish side. Potential lower targets are $70.50 and $70.00 levels.
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