Sponge Price May Continue to Rise

More purchasers will enter the sponge market

Sponge Price Analysis: 14 February

If the buyers can breach the resistance level of $0.000886 then the price can move up toward the resistance levels of $0.000996 and $0.001158. Sponge may drop into the support levels of $0.000697, $0.000580, and $0.000500 if the $0.000886 resistance level is maintained.

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 heading upward on the daily chart. On January 27, the currency hit a low of $0.000500 due to a strong bearish momentum. Sponge increased after the bulls broke the resistance levels at $0.000580 and $0.000697 and successfully defended the $0.000500 support level. The $0.000886 resistance level was tested on February 4. As a phenomenon, the price is currently retreating on a trending market. The Sponge market may be dominated by bulls this new week.

The Sponge price attempts to break over the Hull Suite dynamic resistance level and may shortly start trading above it. If the buyers can breach the resistance level of $0.000886 then the price can move up toward the resistance levels of $0.000996 and $0.001158. The price may drop into the support levels of $0.000697, $0.000580, and $0.000500 if the $0.000886 resistance level is maintained. The crypto signal indicator, QQE MOD, is below zero and pointing downward.

SPONGEUSDT Price Medium-term Trend: Bullish

Sponge is rising on the 4-hour chart. The declining trend came to a stop when it got closer to the $0.000500 support level. As the bulls gained more traction, the price surged higher. The upswing has overcome the $0.000697 resistance barrier after the resistance level was tested. The price will climb to overcome the resistance level of $0.001158. Bullish movement can persist after the reversal.

The Sponge market is currently showing positive momentum as the price is marginally above both indicators of the Hull Suite. When the QQE MOD rises over zero, a purchase signal is given.

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