Sponge (SPONGEUSDT) Price Is Heading Towards $0.000330 Resistance Level

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Sponge Weekly Price Analysis – 04 December

Sponge has the potential to breach the $0.000330 barrier and reach the $0.000402 resistance level if the bulls’ momentum increases. If the $0.000330 level persists, the price may reverse and face the support levels at $0.000196, $0.000169, and $0.000136.

SPONGEUSDT Market

Key levels:

Resistance levels: $0.000330, $0.000402, $0.000502

Support levels: $0.000196, $0.000169, $0.000136

SPONGEUSDT Long-term Trend: Bullish

Based on the daily chart projection, Sponge is bullish; the bears rule the market for a significant period. The bearish momentum at the $0.000136 support level caused the price to bottom. As the bullish engulfing candle emerges, the market surges above the $0.000169 and $0.000196 price levels. The objective for the sponge price before the weekly market closing is the resistance level of $0.000330.

After breaking above both on the upside, the sponge price is currently trading above both the fast-moving average (9) and the slow-moving average (21 periods EMA). The price can potentially breach the $0.000330 barrier and reach the $0.000402 resistance level if the bulls’ momentum increases. If the $0.000330 level persists, the price may reverse and face the support levels at $0.000196, $0.000169, and $0.000136.

 SPONGEUSDT Medium-term Trend: Bullish

The 4-hour chart of the precious coin is bullish, suggesting that bulls are gaining ground in the sponge market. The price was being driven down to the $0.000136 support level by the bears in the last three weeks. The target was reached before the bulls chopped off the bears. Price makes a turn and breaches the barrier level at $0.000196. The resistance level at $0.000330 is where the price is heading.

Given that the price has broken through both of the Ema’s upsides, Sponge is trading above both the 9- and 21-period EMAs, suggesting a favorable trend in the market.  The relative strength indicator shows an upward trend at 46 levels, suggesting a buy signal.

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