Sponge (SPONGEUSDT) Breaks Up $0.000136 Resistance Level

Bulls are dominating Sponge market

SPONGEUSDT Price Analysis – 08 August

Sponge created a daily bullish candle on the daily time frame, indicating the likelihood that the price will rise and test $0.000196 resistance level. If the bulls apply more pressure, the price will move past the $0.000330 and $0.000402 resistance levels.

Key Levels:

Supply level: $0.000196, $0.000330, $0.000402

Demand level: $0.000136, $0.000093, $0.000006

SPONGEUSDT Medium-term Trend: Bullish

SPONGEUSDT is in a bullish trend in its long-term outlook. Following a price decline last week toward the support level of $0.000093, the significant negative pressure was dissipated. The attempt to break lower beneath the indicated support level failed, and the price ended the day higher. By creating bullish candles and rallying to the north, more buyers entered the market under increased pressure, and the former resistance level of $0.000196 is broken upside.

As of right now, the price created a daily bullish candle on the daily time frame, indicating the likelihood that Sponge will rise and test $0.000196 resistance level. If the bulls apply more pressure, the price will move past the $0.000330 and $0.000402 resistance levels. On the daily chart, Period 14’s relative strength index is above level 60, indicating that this week is likely to see bullish activity.

SPONGEUSDT Price Medium-term Trend: Bullish

The cryptocurrency in the medium term is bullish. The price increased as additional bullish candles formed and it crossed over the 9 and 21-day EMAs at the same time, a sign that bulls were gaining control of the market. A sponge is increasing above the $0.000136 resistance level and it is targeting the resistance level at $0.000196.The medium-term forecast for the coin is bullish above the channel as additional bullish candles are produced.

The Relative strength index Period 14 on the 4-hour chart is at 62 levels with its signal lines pointing towards the north suggesting an increase in price.

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