Sponge (SPONGEUSDT): Bulls Are Taking Control of Market

Bulls are gathering momentum

SPONGEUSDT Price Analysis – 07 August

More buyers came in with more pressure by the formation of bullish candles and the price id rallying to the north, in case the bulls increase their pressure the price will rise above the resistance level of $0.000136.

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 in a bullish trend in its long-term outlook. The strong bearish pressure was lost after a drop in the price toward the support level of $0.000093 last week. The attempt to break lower below the support level mentioned was lost and the price closed higher. More buyers came in with more pressure by the formation of bullish candles and the price id rallying to the north, pushing the price upward and may break the dynamic resistance of 9-day and 21-day EMA.

At present Sponge formed a daily bullish candle on the daily time frame which suggests the probability for the price to increase toward a resistance level of $0.000136. In case the bulls increase their pressure the price will rise above the resistance level of $0.000136. The relative strength index Period 14 on the daily chart is above level 40, which indicates the probability of a bullish movement this week.

SPONGEUSDT Price Medium-term Trend: Bullish

The cryptocurrency on the medium term is bullish. The price moved upward with the formation of more bullish candles and trying to cross over 9 and 21-day EMA together, which indicates that bulls were taking control of the market. Sponge still ranges within the boundaries of the resistance level at $0.000136 and the support level at $0.000093.The coin is bullish within the channel on the medium-term outlook with the formation of more bullish candles.

The Relative strength index Period 14 on the 4-hour chart is above 40 levels with its signal lines pointing towards the north suggesting an increase in price.

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