SafeMoon and Litecoin: Litecoin exceeds last week’s high
On Friday, the price of SafeMoon rose again to the 0.00004000 level after a long time. This morning, the Litecoin price rose to $62.62, a new weekly high.SafeMoon chart analysis
On Friday, the price of SafeMoon rose again to the 0.00004000 level after a long time. The joy was short-lived, as a pullback to the 0.00003000 support level followed. Over the weekend, we stabilized and moved back above the EMA 200 moving average. On Monday, we saw a strong bullish impulse to a new weekly high at 0.00003500.
The inability to hold there triggers a bearish consolidation below the EMA 200, returning us to the bearish side again. This forces us to retest the crucial 0.000003000 level. If we fall below this support, the price of SafeMoon would be under strong pressure to start an even deeper pullback. Potential lower targets are the 0.00002800 and 0.00002600 levels.
Litecoin chart analysis
This morning, the Litecoin price rose to $62.62, a new weekly high. After that, we see a pullback to the $61.40 level. We will try to get new support here as we come across the EMA 200 moving average. If we fail to do so, it will fall below a new daily low, increasing the pressure on Litecoin to find new support.
Potential lower targets are $61.00 and $60.00 levels. If we happen to get support from the 200 EMA, Litecoin could initiate a new positive consolidation and test the $63.00 level. This moves us to a new weekly high and reinforces the bullish momentum. With the support of the 200 EMA, it will be easier for us to focus on the recovery on the bullish side. Potential higher targets are $64.00 and $65.00 levels. For now, the bullish option prevails and we will stick with it.
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