Economy 09-05-2024 10:03 4 Views

SafeMoon and Litecoin: Litecoin trying to stay above $82.00

SafeMoon and Litecoin: Litecoin trying to stay above $82.00

The price of SafeMoon dropped to a new weekly low yesterday at the 0.00005150 level.  Litecoin’s price is in a two-day bullish consolidation. 

SafeMoon chart analysis

The price of SafeMoon dropped to a new weekly low yesterday at the 0.00005150 level. This confirms that we are in a bearish consolidation and can expect a further retreat. We had a bullish attempt that stopped at the 0.00005800 level. Above, we encountered the EMA200 moving average, which did not allow us to move above it. Another pullback followed, this time to the 0.00005200 level.

Potential lower targets are the 0.0005100 and 0.00005000 levels. For a bullish option, we need a new positive consolidation first to 0.00005800 and EMA200. Then, we need momentum above those resistance levels. If we succeed in that, we create a position from which we would have the opportunity to start further recovery. Potential higher targets are 0.00006000 and 0.00006200 levels.

Litecoin chart analysis

Litecoin’s price is in a two-day bullish consolidation. This morning, we jumped to the $82.73 level, after which we saw a pullback to the $81.25 support level. For now, we are holding above that level and finding support in the EMA200 moving average. We expect to see further continuation of the positive consolidation and climb to a new higher high. Potential higher targets are $82.50 and $83.00 levels.

For a bearish option, we need a drop in the price of Litecoin below the $81.00 level. With that, we go to a new daily low and confirm the existence of bearish momentum. After that, the price should begin to retreat in search of a new support level. Potential lower targets are $80.50 and $80.00 levels.

 

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