Safemoon and Litecoin: Litecoin has new support at $74.00
- SafeMoon’s price pulled back yesterday after testing the weekly open price.
- The price of Litecoin yesterday retreated from the $76.44 level to the $72.65 level of support.
SafeMoon chart analysis
SafeMoon’s price pulled back yesterday after testing the weekly open price. This was followed by a pullback to support at the 0.00003350 level. There, we consolidate and move above the EMA200 and rise to the 0.00003650 level. We are back above the EMA200 again and expect to stay above it to trigger further recovery. Potential higher targets are the 0.00003800 and 0.00003900 levels.
By breaking above the 0.00003900 level, SafeMoon would be significantly relieved of bearish pressure, and a jump and testing of last week’s high at the 0.00004200 level could occur. For a bearish option, it needs a negative consolidation and a drop to the 0.000003350 support level. With that move, we would again fall below the EMA200, which further strengthens the bearish pressure. Potential lower targets are the 0.00003200 and 0.00003100 levels.
Litecoin chart analysis
The price of Litecoin yesterday retreated from the $76.44 level to the $72.65 level of support. There, we get new support and form a higher low, from which we start a bullish consolidation and return above the $75.00 level. We are now at $75.90 and could soon move above the $76.00 level. We are close to yesterday’s high and on the verge of forming a new one. Potential higher targets are $77.00 and $77.50 levels.
For a bearish option, a price pullback below the $74.00 level would indicate that we are moving away from the weekly high. This further pressures the price to make the next bearish move and slip below the $73.00 level. Potential lower targets are $72.00 and $71.00 levels. The EMA200 moving average is in the zone around the $70.00 level.
