SafeMoon and Litecoin: Litecoin retreated to $82.35 level
SafeMoon and Litecoin: Litecoin retreated to $82.35 level
The price of SafeMoon fell to a new May low at 0.00004191 level on Saturday. Over the weekend, Litecoin hovered in the $83.50-$86.00 range.SafeMoon chart analysis
The price of SafeMoon fell to a new May low at 0.00004191 level on Saturday. After that, we saw a recovery attempt stopped at the 0.00004900 level. We then watched a pullback to Monday morning at the 0.00004250 level. With that, we formed a higher low compared to Saturday, which meant that we could have the strength to start a new positive consolidation.
That’s exactly what happened, and the price of SafeMoon started a recovery. With the retracement above the 0.00004500 level, we received support from the EMA50 moving average. Optimism for further recovery has increased, and the price manages to jump over the EMA200 moving average and reach the 0.00004900 level. If this bullish momentum continues, we can expect SafeMoon to climb to a new weekly high. Potential higher targets are the 0.00005000 and 0.00005100 levels.
Litecoin chart analysis
Over the weekend, Litecoin hovered in the $83.50-$86.00 range. We were in a mild bearish consolidation from Saturday to Monday morning when the price found support at the lower range line. After that, call consolidation was initiated, and Litecoin made a new weekly high at the $86.37 level. We briefly held higher, and the price was forced to initiate a pullback.
This caused us to fall below the EMA200 moving average this morning, which only added to the bearish pressure on Litecoin. A new weekly low was formed at $82.53 a few hours ago. Since then we have recovered slightly to $83.50, where we meet resistance and turn to the bearish side again. Potential lower targets are $82.00 and $81.50 levels.
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