Sponge (SPONGEUSDT): Bullish Pressure May be Intensified to Target $0.000196 Level

Buyers are dominating Sponge market

SPONGEUSDT Price Analysis – 11 September

Sponge will rise and hit the resistance levels of $0.000136, $0.000196, and $0.000330 if the bulls retain the $0.000087 support level. The $0.000006 support level and perhaps even the $0.000004 level might be reached by the bears if they breach the $0.000087 support level.

Key Levels:

Supply level: $0.000136, $0.000196, $0.000330

Demand level: $0.000087, $0.000006, $0.000004

SPONGEUSDT Medium-term Trend: Bullish

Sponge is bullish on the long-term outlook. On July 27, the price had to test the $0.000087 barrier level because of the bearish trend. In an effort to maintain the necessary support level, it retreated. Sponge was under greater seller pressure the next day and fell to a low of $0.000087. This circumstance gave rise to the double-bottom chart pattern. The price increased suddenly and crossed the $0.000136 barrier. Due to pressure from the sellers, it withdrew. If more bullish candles appear, the sponge will unquestionably soar even more and might perhaps hit its all-time high of $0.000196.

Bulls are currently in charge of the sponge market, which is demonstrated by the fact that sponge is currently trading above both the 9-period EMA and the 21-period EMA. The price will rise and hit the resistance levels of $0.000136, $0.000196, and $0.000330 if the bulls retain the $0.000087 support level. The $0.000006 support level and perhaps even the $0.000004 level might be reached by the bears if they breach the $0.000087 support level.

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SPONGEUSDT Medium-term Trend: Bullish

SPONGEUSDT is on the bullish movement on the 4-hour chart. Recently, the buyers’ intensified pressure on the price fulfilled the building of a double bottom chart pattern, and the sponge recently crossed through the resistance level of $0.000136. Bullish pressure may intensify, driving the price up to the $0.000196 resistance level. Now that buyers are in charge, prices on the north side could increase.

The sponge price is currently above both the 21- and 9-period EMAs. The signal line for the Relative Strength Index period 14 shows a bullish signal at 47 levels.

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— $SPONGE (@spongeoneth) September 11, 2023

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