There is potential for more price increase
SPONGEUSDT Price Analysis – 29 August
If the currency pair overcomes the resistance level of $0.000136, the next upward targets will be $0.000196 and $0.000330 levels, which are expected to follow the price retracement. The price may drop to the support level of $0.000093 if the bears successfully defend the resistance level of $0.000136
Key Levels:
Supply level: $0.000136, $0.000196, $0.000330
Demand level: $0.000093, $0.000004, $0.000006
SPONGEUSDT Long-term Trend: Bullish
SPONGEUSDT is bullish, on the long-term outlook. Last week, the currency pair found support at a price of $0.000093, and this week, sellers are still pushing the SPONGEUSDT market lower. The cryptocurrency has recovered and is rising near the $0.000136 barrier level. Daily candles that were more bullish in nature were produced, and the level noted above is about to be broken upward. On August 8, the price tested the $0.000196 resistance level and declined. The price is currently rising toward the prior peak.
The price is above the two EMAs, indicating a strengthening of the bullish momentum. Additionally, the 9-period EMA is almost at the 21-period mark. If the currency pair overcomes the resistance level of $0.000136, the next upward targets will be $0.000196 and $0.000330 levels, which are expected to follow the price retracement. Sponge may drop to the support level of $0.000093 if the bears successfully defend the resistance level of $0.000136. The signal lines on the relative strength index period 14 are heading up to indicate a buy signal at 42 levels.
SPONGEUSDT Medium-term Trend: Bullish
SPONGEUSDT is bullish on the medium-term outlook. On August 8, over the previous two weeks, when the resistance level of $0.000136 was broken, buyers won out over sellers. Price growth and testing of the $0.000196 resistance levels. Sponge bounces off the previously indicated level as the level holds. Currently, bulls are returning to the market, and there is potential for more price increases.
The price is located between the EMAs of 21 and 9 periods, which are spaced apart from one another. With the signal line pointing up and the Relative Strength Index period 14 at 36 levels, buy is indicated.
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