SafeMoon and Litecoin: Litecoin is under pressure at 62.00

• The price of SafeMoon continues to retreat for the second day.
• Litecoin price dropped to 61.40 levels yesterday, testing this week’s support level.

SafeMoon chart analysis

The price of SafeMoon continues to retreat for the second day. A two-day low was formed at the 0.0001420 level. For now, we are holding above it, trying to trigger a positive consolidation, and moving up to the 0.0001430 level. In this way, we would be able to take the first bullish step. Then, it is necessary to maintain above that in order to start the recovery with the next impulse. Potential higher targets are 0.0001435 and 0.0001440 levels.

We need a negative consolidation and a drop below this morning’s support for a bearish option at the 0.0001420 level. A break below would mean that the price has no strength, and we will see a move down to the next stronger support on the chart. Potential lower targets are the 0.0001410 and 0.0001405 levels. Additional support for the price could be the EMA50 moving average in the zone around the 0.0001410 level.

Litecoin chart analysis

Litecoin price dropped to 61.40 levels yesterday, testing this week’s support level. We managed to get support and start a bullish consolidation, thus forming today’s high at 62.85. We failed to hold on there, and a pullback to the 61.90 level followed. The negative for the price is that it has fallen below the EMA50 moving average, which has a bullish effect on Litecoin. Potential lower targets are 61.50 and 61.00 levels.

We need a positive consolidation and a return above the 62.50 level for a bullish option. We would also have to skip the EMA50 moving average if we want to continue with further recovery to the bullish side. Potential higher targets are 63.00 and 63.50 levels.

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