Sponge Price: Bulls May Oppose Bears at $0.000697 Level

Buyers’ momentum will trigger in sponge market

Sponge Price Analysis: 17 February

If the buyers can break through the $0.000886 barrier, the price can move up toward the resistance levels of $0.000996 and $0.001158. The price may drop to the support levels of $0.000697, $0.000580, and $0.000500 if the $0.000886 resistance level holds

Key Levels:

Resistance Levels: $0.000886, $0.000996, $0.001158

Support Levels: $0.000697, $0.000580, $0.000500

SPONGEUSDT Long-term Trend: Bullish

Sponge is rising on the daily chart. On January 27, the currency fell as low as $0.000500 due to a strong negative trend. Following the bulls’ successful defense of the $0.000500 support level and their breakout of the resistance levels at $0.000580 and $0.000697, the price increased. The resistance level at $0.000886 was tested on February 4. As a phenomenon, prices are currently falling in a trending market. Bulls may be in control of the sponge market this next week.

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Sponge price is challenging the Hull Suite dynamic resistance level, and it may soon start to trade over it. If the buyers can break through the $0.000886 barrier, the price can move up toward the resistance levels of $0.000996 and $0.001158. The price may drop to the support levels of $0.000697, $0.000580, and $0.000500 if the $0.000886 resistance level holds. The best cryptocurrency signals indicator, QQE MOD, is below zero and pointing downward.

SPONGEUSDT Price Medium-term Trend: Bullish

The 4-hour chart on Sponge is rising. As the price got closer to the $0.000500 support level, the negative trend stopped. The bulls gained more traction, and the price shot up. The upswing has breached the $0.000697 resistance barrier after probing the resistance level. To break beyond the $0.001158 barrier level, bulls will have to double their strength. After the reversal, there could be more positive activity.

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Sponge prices are currently marginally above both Hull Suite indicators, suggesting positive market momentum. When the QQE MOD moves over zero, it signals a buy opportunity.

Where’s the moisture?

Where the damp at? 💦$SPONGE #SpongeV2 #Web3 #Alts pic.twitter.com/HwhiockUpB

— $SPONGE (@spongeoneth) February 17, 2024

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