Sponge (SPONGEUSDT): Bulls Are Clinging onto $0.000087 Level

The sponge market is about to be taken over by buyers

SPONGEUSDT Price Analysis – 19 September

As long as the bulls are able to hold onto the $0.000087 support level, Sponge will rise and crest the $0.000136, $0.000196, and $0.000330 resistance levels. The $0.000006 and $0.000004 levels could be reached by the bears if they break through the $0.000087 support

Key Levels:

Supply level: $0.000136, $0.000196, $0.000330

Demand level: $0.000087, $0.000006, $0.000004

SPONGEUSDT Medium-term Trend: Bullish

The buying vigor grows stronger daily. Sponge is increasing as bulls have greater clout right now.  The bearish trend forced the price to challenge the $0.000087 support level on July 27. It retreated in an effort to preserve the proper degree of support. Increased seller pressure caused the price to drop the next day, reaching a low of $0.000087. On September 6, the price skyrocketed beyond the $0.000136 threshold. It withdrew as a result of sellers’ pressure. As additional bullish candles form, the sponge will undoubtedly climb further higher and may even surpass its all-time high of $0.000196.

Sponge will soon commence trading above both the 9-period EMA and the 21-period EMA which will serve as evidence that bulls are currently in control of the sponge market. Price will increase and crest the $0.000136, $0.000196, and $0.000330 resistance levels as long as the bulls are able to cling onto the $0.000087 support level. If the bears breach the $0.000087 support, they may move toward the $0.000006 and $0.000004 levels.

SPONGEUSDT Medium-term Trend: Bullish

On the 4-hour chart, SPONGEUSDT’s price is increasing. As new bullish candles form, the Coin is rising from its support level of $0.000087. The demand of buyers on the sponge market will cause the resistance level of $0.000136 to be broken. Under growing bullish pressure, the price may rise to the $0.000196 barrier level.

The sponge price is trading below both the 21- and 9-period EMAs. On the signal line for the Relative Strength Index period 14, level 32 indicates a good signal.

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