SafeMoon and Litecoin: Litecoin is trying to bounce back

Yesterday, we saw the formation of a new SafeMoon weekly high at the 0.00003450 level. 
Yesterday’s Litecoin price movement took place in the $56.00-$59.00 range. 

SafeMoon chart analysis

Yesterday, we saw the formation of a new SafeMoon weekly high at the 0.00003450 level. We held up briefly, but a quick pullback to the 0.00003000 level followed. The price once again found itself below the EMA 200 moving average, which increased the pressure on it. This morning, we had another bullish attempt, which was stopped at the 0.00003200 level. The inability to hold above the EMA 200 pushed us below again, this time to the 0.00002780 level, a new daily low.

This gives us support for the bearish momentum, and we expect to see SafeMoon pull back to a new support level. Potential lower targets are the 0.00002700 and 0.00002600 levels. For a bullish option, we need a positive consolidation and a move back above 0.00003200. Then, we need to stabilize up there in order to continue on the bullish side. Potential higher targets are the 0.00003300 and 0.00003400 levels.

Litecoin chart analysis

Yesterday’s Litecoin price movement took place in the $56.00-$59.00 range. Today’s range is slightly moved up $57.30-$59.60. The EMA 50 moving average supports the price, and the expectation is to see further recovery of Litecoin. With growth above $60.00, the price could initiate a more specific bullish consolidation towards higher levels.

Potential higher targets are $62.00 and $64.00 levels. Additional resistance could be found in the EMA 200 moving average in the $64.00 zone. For a bearish option, we need a negative consolidation and a pullback of Litecoin back to the $56.00 level. With this, we will form a new daily low and get confirmation that we are turning to the bearish side. Potential lower targets are $54.00 and $52.00 levels.

The post SafeMoon and Litecoin: Litecoin is trying to bounce back appeared first on FinanceBrokerage.