- Yesterday's cryptocurrency market drop did not affect SafeMoon's price much.
- The previous peaceful consolidation of the Litecoin price was disrupted yesterday by a bearish push and a drop below the 72.00 level.
SafeMoon chart analysis
Yesterday's cryptocurrency market drop did not affect SafeMoon's price much. The downside is that we fell below the EMA50 and got support at the 0.00004209 level. The picture today is different, as we witnessed a strong bullish wave and the price returned above the 50 moving average. Thus, we have formed the highest level for this week at the level of 0.00005200. We stay above briefly and return to the 50 SMA at the 0.00004700 level.
With positive consolidation, we will retest the breakout point and start an upward recovery. Possible higher targets are the 0.00005000 and 0.00005200 levels. We need to break below the moving average and 0.00004600 level to get a bearish option. After that, we will be able to test the previous low at the 0.00004400 level. Possible lower targets are 0.00004300 and 0.00004200 levels.
Litecoin chart analysis
The previous peaceful consolidation of the Litecoin price was disrupted yesterday by a bearish push and a drop below the 72.00 level. This year's low was formed at the 60.00 level. The price quickly finds support at this level and moves above the 64.00 level. Since then, we have been holding in the 64.00-66.00 range. The chart shows that the price is still under some downward pressure, and it is possible that we may return to yesterday's low. Possible downside targets are again at the 62.00 and 60.00 levels.
To get a bullish option, we need to move above the 66.00 level and hold above it. Hence, we will form this bottom from which we will have a better position for further recovery to the upside. Possible higher targets are 68.00 and 70.00 levels. The EMA50 is in the area around 72.00 levels.
