SafeMoon and Litecoin: Litecoin has new support this morning
- On Tuesday, we saw a strong bearish impulse of SafeMoon to the 0.00001490 level, forming a new weekly low there
- On Wednesday, we saw the Litecoin price jump to $73.01, forming a new weekly high
SafeMoon chart analysis
On Tuesday, we saw a strong bearish impulse of SafeMoon to the 0.00001490 level, forming a new weekly low there. We stayed down for a short time because a recovery to the 0.00002700 level followed. Since then, the price has been above the EMA 200 moving average and has been on the positive side until now. Resistance is at the 0.00003000 level, but we expect a break above soon, as well as the formation of a new weekly high.
Potential higher targets are 0.00003100 and 0.00003200 levels. For a bearish option, SafeMoon should pull back below the 200 EMA and 0.00002700 level. With that step, we move to the bearish side, and the bearish momentum for the continuation of the retreat will increase. Potential lower targets are the 0.00002600 and 0.00002500 levels. At 0.00002500, we will test the weekly open level and try to stay on the positive side.
Litecoin chart analysis
On Wednesday, we saw the Litecoin price jump to $73.01, forming a new weekly high. Soon, the price started to retreat from there because it did not have the strength to maintain itself on the bullish side. The price stopped the decline at $69.50 when we met the EMA 50 moving average. After a short stabilization in that zone, a bullish consolidation was initiated above the $70.00 level. Litecoin is now at $71.00, and we expect to see further progress on the bullish side.
Potential higher targets are $71.50 and $72.00 levels. For a bearish option, the price would have to retreat to $70.00, the daily open level. Then, we need a breakout below and the formation of a new daily low. With this step, we strengthen the bearish momentum and confirm the weakness of the Litecoin price. Potential lower targets are $69.50 and $69.00 levels.
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