SafeMoon and Litecoin: SafeMoon loses over 65% of its value

The price of SafeMoon took a huge plunge yesterday, losing 61% of its value. The price of Litecoin manages to maintain itself around 70.00 levels.

SafeMoon chart analysis

The price of SafeMoon took a huge plunge yesterday, losing 61% of its value. After a jump to the 0.0002085 level, a bearish impulse followed and a drop to the 0.0000800 level. We saw that as an attempt to start a recovery that was stopped at the 0.0001200 level. We encounter new resistance and see a pullback to a new low at the 0.0000681 level. Potential lower targets are the 0.0000600 and 0.0000500 levels.

For a bullish option, we need a positive consolidation and price movement above the 0.0001000 level. Then we would have to hold above there and form a new bottom there. Thus, we would create a new position to start further recovery. Potential higher targets are the 0.0001100 and 0.0001200 levels.

Litecoin chart analysis

The price of Litecoin manages to maintain itself around 70.00 levels. This morning, we tried to move above it, but we encountered resistance in the zone around 70.80 levels. This caused the price to slide down to 69.20 levels on two occasions, but we quickly returned to the zone around 70.00 levels.

We need a stronger impulse above the 71.00 level that would succeed in breaking through the previous resistance zone. Then, we would have to hold on up there and wait for a new impulse to trigger further recovery.

Potential higher targets are 71.50 and 72.00 levels. For a bearish option, we need a negative consolidation and a price drop to the 69.00 level. A break below would take us down to the EMA50 moving average at the 68.50 level. Potential lower targets are 68.00 and 67.50 levels.

The post SafeMoon and Litecoin: SafeMoon loses over 65% of its value appeared first on FinanceBrokerage.