Buyers may defend $0.000582 level
Sponge Price Analysis – 30 January
If Sponge breaks above the $0.000695 barrier level and encounters resistance in the $0.000886 to $0.001298 range, the bulls might be able to maintain their advantage in the market. The price may drop to the support levels of $0.000695 and $0.000577 if the $0.000886 level is not maintained.
Sponge/USD Market
Key levels:
Resistance levels: $0.000695, $0.000886, $0.001298
Support levels: $0.000582, $0.000500, $0.000459
SPONGEUSDT Long-term Trend: Bullish
On the daily SPONGEUSDT chart, bullish. Bears exercised caution in light of the triple bottom chart pattern, which emerged at the $0.000356 support level last month. As a result, the money swoops up north like an eagle. Price burst through the prior resistance levels of $0.000886, $0.000998, and $0.001158 before surging over the $0.001298 barrier. In an attempt to reach the broken $0.000886 level once more, it retreats. As of right now, it’s getting close to the previous low, $0.000582.
Following the decline, buyers may begin to reenter the SPONGE market. The indicator’s upward trajectory and the price’s trading above the Hull Suite signal point to a bullish trend. The bulls may be able to hold onto their edge in the market if the price breaks over the $0.000695 barrier level and runs into resistance in the $0.000886 to $0.001298 area. If $0.000582 is not maintained, the price can fall to the support levels of $0.000500 and $0.000459.
SPONGEUSDT medium-term Trend: Bullish
The 4-hour SPONGEUSDT chart is trending upward. Even with the bears coming under increasing pressure, the medium-term trend is still solid. The $0.001298 resistance level was tested when resistance levels like $0.000695, $0.000886, and $0.000695 collapsed. The price is returning to the $0.000582 previous low while remaining at the previously reported level.
It looks like the market is going swiftly because the price is above the Hull Suite indication. Because the cryptocurrency is trading above the indicator, the market is favorable. A buy signal appears when the QQE MOD indicator is higher than zero.
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