SafeMoon and Litecoin: Litecoin drops to 61.10 yesterday

SafeMoon chart analysis

The price of SafeMoon climbed to a new high this year at 0.00005249 level on Sunday. This was followed by a bearish consolidation and a drop yesterday to the 0.00004208 level. We find support in that zone and initiate a recovery that takes us above the EMA50 moving average to the 0.00004700 level. We failed to hold in that zone, and a pullback to the 0.00004500 level followed. If the current bearish pressure continues, we could drop to a new daily low.

Potential lower targets are the 0.00004400 and 0.00004300 levels. For a bullish option, we need to move above the 0.00004800 level. Then, we have to hold above there in order to form a bottom from which we move into further growth on the bullish side. Potential higher targets are the 0.00004900 and 0.00005000 levels.

Litecoin chart analysis

Litecoin price retreated to 61.10 levels on Monday. This is where we formed this week’s low and got support for starting a bullish option. That bullish consolidation took us this morning to 68.44 levels and above the EMA50 moving average. We failed to hold above there, and a pullback to the 66.00 level followed. The price is now under pressure to start a further pullback and form a new daily low.

Potential lower targets are 65.00 and 64.00 levels. We would have to go back above the EMA50 and 68.00 levels for a bullish option. Then we have to maintain above those levels. If we manage to do that, we will be in a good position to continue upwards. Potential higher targets are 69.00 and 70.00 levels.

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