SafeMoon and Litecoin: Litecoin makes a pullback to 70.00
- Nothing new on SafeMoon’s chart; we continue to move sideways in the 0.000500-0.000600 range.
- At the beginning of this week, we saw a bearish movement in the price of Litecoin.
SafeMoon chart analysis
Nothing new on SafeMoon’s chart; we continue to move sideways in the 0.000500-0.000600 range. We are currently below the middle of the channel at the 0.000530 level and have tested the lower support level several times. On the upper side, we are approaching the EMA50 moving average, which is now at the 0.000600 level. We could expect to see a more concrete impulse in SafeMoon’s price soon.
A fall below the support level opens the door to a bearish option and the formation of a new low. Potential lower targets are the 0.000480 and 0.000460 levels. We need a positive consolidation and a move above the 0.000550 level for a bullish option. Thus, we would move to the upper side of this channel and face the 0.000600 level. Potential higher targets are the 0.000620 and 0.000640 levels.
Litecoin chart analysis
At the beginning of this week, we saw a bearish movement in the price of Litecoin. On Sunday, the price jumped to 76.85, forming a new high there. In that zone, we encountered resistance and started a pullback, bringing the price down to 70.00 this morning. Litecoin quickly consolidated at that level and started a bullish consolidation. The current price is 72.50, and we expect it to go up to 73.00. In the zone around the 73.00 level, we encounter the EMA50, and there, we expect to see some resistance.
A price break above reinforces optimism that we will see continued recovery and climb to higher levels. Potential higher targets are 73.50 and 74.00 levels. We need a negative consolidation and a new drop to the 70.00 support level for a bearish option. A price break below this level hints at the formation of a new low and the continuation of a bearish option. Potential lower targets are 69.50 and 69.00 levels.