SafeMoon continues to consolidate while Litecoin pulls back
- After a quiet Monday, yesterday we saw the SafeMoon price drop and a new low formed at the 0.00004753 level.
- Yesterday, we saw a drop in Litecoin price from 72.00 to 65.22.
SafeMoon chart analysis
After a quiet Monday, yesterday we saw the SafeMoon price drop and a new low formed at the 0.00004753 level. Then, a consolidation in that zone followed and a bullish impulse that took us above the 0.00005000 level. We are currently moving above it and expect to stay above it in order to start further recovery. Potential higher targets are 0.00005100 and 0.00005200 levels.
Additional resistance in the zone around the 0.00005200 level is the EMA50 moving average. We need a negative consolidation and pullback of the price below the 0.00005000 support level for a bearish option. After that, we can expect a new pullback and testing of the previous low in the zone around the 0.00004750 level. Potential lower targets are the 0.00004600 and 0.00004500 levels.
Litecoin chart analysis
Yesterday, we saw a drop in Litecoin price from 72.00 to 65.22. The price lost almost 10% of its value in just one afternoon. After forming a new low, the price gains support and initiates a bullish consolidation, recovering to the 68.00 level. For now, we are encountering resistance in that zone and need a breakout above for further recovery and growth to higher levels. Potential higher targets are 69.00 and 70.00 levels.
We could have additional pressure in the zone around 70.00 levels in the EMA50 moving average. We need a negative consolidation and a drop to the 67.00 level for a bearish option. That would be the first bearish step that should trigger a continuation of the pullback. Potential lower targets are 66.00 and 65.00 levels.
