SafeMoon and Litecoin: Litecoin falls to a two-week low
- Yesterday was a black Tuesday for the SafeMoon price, as we saw a drop to a new weekly low of 0.00001189
- Last night, the Litecoin price dropped again below the $60.00 level, forming a new two-week low at the $59.03 level
SafeMoon chart analysis
Yesterday was a black Tuesday for the SafeMoon price, as we saw a drop to a new weekly low of 0.00001189. A new two-year low was formed here. After that, the price managed to initiate a recovery back to 0.00002600, where it encountered new resistance. This morning, we retriggered a bearish consolidation from there, and we are now at 0.00001875. Everything indicates that we are going down to test yesterday’s low or form a new one.
Potential lower targets are the 0.00001600 and 0.00001400 levels. For a bullish option, we need a positive consolidation and a return to the 0.00002600 level. There, we will try to stay above the daily open price of 0.00002490. If we succeed in this, the chances of SafeMoon starting to recover increase. Potential higher targets are the 0.00002800 and 0.00003000 levels.
Litecoin chart analysis
Last night, the Litecoin price dropped again below the $60.00 level, forming a new two-week low at the $59.03 level. The pullback has been halted for now, and the price has recovered to the $60.80 level. The next step is a break above the $61.00 level. Thus, we move to a new daily high and confirm the release from the previous bearish pressure. Potential higher targets are the $62.00 and $63.00 levels.
Additional support for LItecoin will be in the EMA 50 moving average by crossing above the $63.00 level. We need a negative consolidation and pullback below the $60.00 level for a bearish option. It is a sign that the price is weakening again and will attack the previous low. This moves us to a new weekly low and extends the further decline in the price of Litecoin. Potential lower targets are $59.00 and $58.00 levels.
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