Sponge (SPONGEUSDT): Bullish Pressure Driving Price Up Towards $0.000136 Mark

Sponge is soaring higher soon

SPONGEUSDT Price Analysis – 01 August

In case the Bulls apply further pressure, Sponge might break through the $0.000136 resistance level and challenge the $0.000196 and $0.000330 levels.

Key Levels:

Supply level: $0.000136, $0.000196, $0.000330

Demand level: $0.000093, $0.000006, $0.000004

SPONGEUSDT Medium-term Trend: Bullish

SPONGEUSDT is the bullish on the long-term outlook. Since May 28th, the cryptocurrency has been under bearish pressure. On June 22, the coin’s demand decreased to $0.000093. Price retracement occurred in order to retest the $0.000136 level that was broken. As the price encountered the confluence at the indicated level, further price growth was not conceivable. The Bulls have started moving again, and the price is rising approaching the $0.000136 resistance level.

The fact that SPONGE is currently moving in close proximity to both the 9-period EMA and the 21-period EMA suggests that the bullish momentum is gaining strength. A purchase signal is shown by the relative strength index period 14 being at 45 levels and trending north. If the Bulls apply further pressure, Sponge might break through the $0.000136 resistance level and challenge the $0.000196 and $0.000330 levels.

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SPONGEUSDT Short-term Trend: Bullish

SPONGE is bullish on the short-term outlook. Last week, Sponge was consolidating. Immediately, following the consolidation action, the bearish impetus on the Sponge market was lost. With the help of the strong momentum of the bulls, it is going to break out to the north. As a result of the coin being pushed up, higher highs were made, indicating an upward movement.

Sponge price is trading above the 21-day EMA and 9-day EMA which connotes bullish movement.  The relative strength index period 14 is at 46 levels pointing to the north indicating that Sponge may buy continuously.

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— $SPONGE (@spongeoneth) August 1, 2023

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