Sponge (SPONGEUSDT) Price Rises to Breach Level of $0.000196

Bulls’ momentum increase

Sponge Weekly Price Analysis – 01 December

If the bulls’ momentum picks up, Sponge can break through the $0.000330 barrier and hit the $0.000402 resistance level. The price can turn around and confront the support levels at $0.000196, $0.000196, and $0.000136 if the $0.000330 level holds.

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

Sponge is bullish based on the daily chart forecast; the bears have control of the market for a considerable amount of time. The price was bottomed by the bearish momentum at the $0.000136 support level. The bullish engulfing candle appears, and the price rises to breach the price levels of $0.000169 and $0.000196. The resistance level of $0.000330 is the aim for the sponge price before the weekly market closes.

The sponge price is trading above both the slow-moving average (21 periods EMA) and the fast-moving average (9) after penetrating them both on the upside. If the bulls’ momentum picks up, the price can break through the $0.000330 barrier and hit the $0.000402 resistance level. The price can turn around and confront the support levels at $0.000196, $0.000196, and $0.000136 if the $0.000330 level holds.

 SPONGEUSDT Medium-term Trend: Bullish

The precious metal is bullish on the 4-hour chart, indicating that bulls are taking control of the sponge market. Last week, the bears were driving the price down to the $0.000136 support level. Before the bulls cut off the bears, the mark was attained. The price pivots and breaks through the $0.000196 resistance level. The price is moving in the direction of the $0.000330 resistance level.

Sponge is trading above the 9- and 21-period EMAs, indicating a positive trend in the market, as the price has penetrated the two upside EMAs.  At 54 levels, the relative strength index is trending upward, indicating a purchase signal.

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