SafeMoon and Litecoin: Litecoin under pressure below $67.00
- As expected, the price of SafeMoon once again pulled back below the EMA200 moving average.
- The price of Litecoin yesterday failed to break above the $70.00 level.
SafeMoon chart analysis
As expected, the price of SafeMoon once again pulled back below the EMA200 moving average. We saw an attempt yesterday by the price to maintain above the 0.00004000 level, but the new pressure in that zone led to a bearish consolidation and a drop in the price to the 0.00003575 level. Here, we are testing this week’s low and are not far from last week’s 0.00003460 level. It would not be a surprise to see a breakout below and the formation of a new low.
Potential lower targets are 0.00003400 and 0.00003300 levels. For a bullish option, we need a new positive consolidation. We would have to work our way up to the 0.00003800 level to begin with.
Then, we must hold there and prepare to attack the EMA200 and 0.00004000 levels. If we manage to move above, we will have a new opportunity for further recovery. Potential higher targets are 0.00004100 and 0.00004200 levels.
Litecoin chart analysis
The price of Litecoin yesterday failed to break above the $70.00 level. A brutal pullback followed in the following hours to the $66.00 level. Today, the pullback continued with the formation of this week’s low at the $65.50 level. After receiving support, the price starts a recovery to the $66.75 level. This is where we stop and have some resistance that stops us from recovering.
We would have to jump over this hurdle if we plan to see further growth in the price of Litecoin. Potential higher targets are $67.00 and $68.00 levels. The EMA200 moving average is in the zone around the $67.65 level. We need a negative consolidation and pullback from this morning’s support at $65.50 for a bearish option.
The breakout below indicates that the bearish momentum is strong, and we will see a further pullback in Litecoin. Potential lower targets are $65.00 and $64.50 levels.
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