There may be a breakout at $0.000136 level
SPONGEUSDT Price Analysis – 11 August
Sponge increases to the $0.000330 and $0.000402 levels are possible if the $0.000196 barrier is overcome. Sponge may retrace and settle against the $0.000136, $0.000093, and $0.000006 support levels if the bears are successful in holding the $0.000196 resistance level.
Key Levels:
Supply level: $0.000136, $0.000196, $0.000330
Demand level: $0.000093, $0.000006, $0.000003
SPONGEUSDT Long-term trend: Bullish
SPONGEUSDT is bullish on the daily chart. For more than two weeks, the sellers dominated the SPONGE/USDT market. In order to give more buyers an opportunity, the downward trend drove the price to test the $0.000093 support level. At the indicated level, a bullish engulfing candle that was climbing developed. As the price rose, the $0.000136 resistance level was broken. The price is increasing and is getting closer to the $0.000196 barrier level.
The fact that SPONGEUSDT is currently trading above the 9-period and 21-period exponential moving averages suggests that the market is bullish. The period 14 signal lines of the relative strength index are pointing up, indicating a buy signal and the index is at 41 levels. If the $0.000196 barrier is broken, price increases to the $0.000330 and $0.000402 levels are feasible. If the bears are successful in holding the $0.000196 resistance level, the price may retrace and settle against the $0.000136, $0.000093, and $0.000006 support levels.
SPONGEUSDT Medium-term Trend: Bullish
SPONGEUSDT is on the bullish movement in the medium-term outlook. Last week, the coin’s resistance range was between $0.000136 and $0.000093. The price is being pushed near the dynamic resistance levels as the bulls’ energy grows. Buyer pressure on the $0.000136 resistance level has recently increased. As of yesterday, the price was revealed to $0.000196.
Since the price is trading above both the 9-period EMA and the 21-period EMA, bulls are currently in control of the market. On the other side, the period 14 relative strength index is at 48 levels and pointing upward, providing a buy signal.
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When there's an announcement for an announcement, you know it's going to be important…🚀🔔🤣 pic.twitter.com/ytlk0gh6MT
— $SPONGE (@spongeoneth) August 1, 2023
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