SafeMoon and LItecoin: Litecoin after long time below $50.00
- The price of SafeMoon fell under pressure yesterday to a new August low at the 0.00002601 level.
- The Litecoin price dropped below $50.00 yesterday, forming a new low of $49.90.
SafeMoon chart analysis
The price of SafeMoon fell under pressure yesterday to a new August low at the 0.00002601 level. After some consolidation in that zone, we saw the start of a bullish recovery. The price rose this morning to 0.00003330 levels. It lost momentum there, and a new pullback to the 0.00002750 level followed. We are again trying to stay in the support zone to turn to the bullish side.
Failure to initiate a recovery will force SafeMoon’s price to continue retreating. Potential lower targets are the 0.00002600 and 0.00002500 levels. For a bullish option, we need a positive consolidation and price growth above the 0.00003000 level. Thus, we return above the weekly open price to the positive side and get the support of the EMA 50 moving average. Potential higher targets are the 0.00003100 and 0.00003200 levels.
Litecoin chart analysis
The Litecoin price dropped below $50.00 yesterday, forming a new low of $49.90. We saw a break below last year’s support zone. This move is interpreted negatively for the further continuation of the price of Litecoin. We received support yesterday, after which the price initiated a bullish consolidation. This morning, the price created a new high at the $59.00 level and is now trying to hold above the $58.00 level.
The EMA 50 moving average is putting some pressure around $59.00, but if the current bullish consolidation continues, we can expect further recovery. Potential higher targets are the $60.00 and $62.00 levels. For a bearish option, we need a negative consolidation and pullback to the $56.00 level. There, we will test the daily open price. The momentum below will force Litecoin to form a new daily low and thus confirm the bearish momentum. Potential lower targets are the $54.00 and $52.00 levels.
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