SafeMoon has woken up as LItecoin retreats to 70,00 level
- Finally, yesterday, we saw the long-awaited price jump of SafeMoon to the 0.00011500 level.
- Over the weekend, the Litecoin price was close to reaching 80.00, but we stopped at 79.54.
SafeMoon chart analysis
Finally, yesterday, we saw the long-awaited price jump of SafeMoon to the 0.00011500 level. The rejoicing was short-lived, as an instant pullback to the 0.00006500 level followed. After that, we tried again to start a bullish consolidation but stopped at the 0.00008800 level. There we encounter new resistance and pull back to the 0.00006500 level again.
Too much pressure could lead to a drop below and the formation of a new low. Potential lower targets are the 0.00006000 and 0.00005500 levels. Additional support is found in the EMA50 moving average around the 0.00006000 level. We need a positive consolidation and a move above the 0.00007500 level for a bullish option. In this way, we would see a double bottom formation, which is a sign that we are moving into further recovery. Potential higher targets are 0.00008000 and 0.00008500 levels.
Litecoin chart analysis
Over the weekend, the Litecoin price was close to reaching 80.00, but we stopped at 79.54. After that, we started a bearish consolidation, and yesterday, we saw a strong bearish impulse and a price drop to 70.63 levels. We managed to stay above that level, and today, we are moving in the 72.00-74.00 range. The price is still under pressure, which could easily lead to continuing the retreat to lower levels.
Potential lower targets are 71.00 and 70.00 levels. We need a positive consolidation and a return above the 74.00 level for a bullish option. Thus, we would climb above the EMA50 moving average. With his support, we would have a better chance to see continued recovery at higher levels. Potential higher targets are 75.00 and 76.00 levels.
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