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.

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.

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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