Market may move significantly higher
SPONGEUSDT Price Analysis – 14 September
If the Sponge is successful in breaking above the $0.000136 level of resistance, the next upward targets for the Sponge are the $0.000196 and $0.000330 levels, which are anticipated to emerge following the market fall.
Supply level: $0.000136, $0.000196, $0.000330
Demand level: $0.000087, $0.000004, $0.000006
SPONGEUSDT Long-term Trend: Bullish
The SPONGEUSDT has a favorable long-term outlook. When the price of bitcoin hit $0.000087 a few weeks ago, it found support. Last week, however, sellers kept driving the SPONGEUSDT market lower. The coin’s value recently exceeded $0.000136. There were more bullish than bearish daily candles forming, and the level of $0.000196 was going to be crossed. The price momentarily increased to the $0.000196 maximum on September 6 before falling. The price will quickly rise back to its earlier peak.
The rising crossover of the sponge and the two EMAs indicates that the bullish trend is intensifying. The 21-period mark for the 9-period EMA is also approaching. If the Sponge is successful in breaking above the $0.000136 level of resistance, the next upward targets for the Sponge are the $0.000196 and $0.000330 levels, which are anticipated to emerge following the market fall. The price may drop below the support level of $0.000067 if the bears are successful in holding the resistance level of $0.000136. A purchase signal is being given at level 49 by the relative strength index period 14 signal lines, which are pointing upward.
SPONGEUSDT Medium-term Trend: Bullish
The medium-term forecast is favorable according to SPONGEUSDT. Bulls are starting to emerge again, thus the market may move significantly higher. Prior to the resistance level of $0.000136 being surpassed on August 8th, buyers outweighed sellers for the preceding four weeks. A protest of $0.000196 was needed to prevent a price increase. As long as the level persists, the price returns to the earlier level.
The price is above the distinct exponential moving averages of 21 and 9 periods. Buying is suggested since the signal line is pointing upward and the Relative Strength Index period 14 is at 51 levels.
— $SPONGE (@spongeoneth) September 14, 2023
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