Ranging movement continues in Sponge market
SPONGEUSDT Price Analysis – 16 April
In a trending market, a retreat is inevitable, but further gains in sponge prices are usually expected. If the bulls put in more effort, there’s a chance that the price barrier at $0.000577 will be broken.
Key Levels:
Resistance levels: $0.000577, $0.000695, $0.000886
Support levels: $0.000500, $0.000455, $0.000400
SPONGEUSDT Long-term Trend: Bullish
Over the long term, the price of SPONGEUSDT continues to rise. The Bulls were the top team in the sponge market. The bullish trend reached its zenith at $0.000577 on March 15. The Bears interrupted the uptrend, sending the price plunging to $0.000455. The currency sideways meandered between $0.000455 and $0.000500 for approximately eight days, indicating that the momentum of the bulls and bears is virtually equal. It is feasible for the $0.000577 supply barrier to be broken by a bullish candle that forms. On the daily chart, the sponge market finished yesterday with a bearish candle, signaling a drop in prices.
The currency is trading above the indicator, according to the pricing strategy employed by Hull Suite Crypto signals, indicating a strong positive momentum in the Sponge market. Similarly, the QEE MOD displays the buy signal when the histogram signal line is above the 0 level. In a trending market, a retreat is inevitable, but further gains in sponge prices are usually expected. If the bulls put in more effort, there’s a chance that the price barrier at $0.000577 will be broken.
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SPONGEUSDT Short-term Trend: bullish
Sponge looks to the intermediate future for optimism. Sponge was trading sideways at $0.000455 and $0.000500 for than a week. On March 15, as the Bulls pushed through the $0.000500 barrier, the currency surged into the $0.000577 price level. As the bulls’ exhilaration subsided, the price started to stabilize at $0.000500.
Sponge pricing is showing a strong rising trend since it is above the Hull Suite indication. The sponge market is continuing consolidating, as indicated by the QQE MOD indicator’s red signal line and level below zero.
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