Sponge (SPONGEUSDT): Bulls May Drive Coin to Penetrate $0.000196 Level

Bulls may be successful in breaking over $0.000196 level

SPONGEUSDT Price Analysis – 15 August

In case the resistance level of $0.000136 does not hold, the Bulls may drive the coin up after the pullback to penetrate the $0.000196 level and aim for $0.000330. Sponge may remain in consolidation if the previously indicated level holds

Key Levels:

Supply level: $0.000136, $0.000196, $0.000330

Demand level: $0.000093, $0.000006, $0.000004

SPONGEUSDT Medium-term Trend: Bullish

Sponge price is bullish on the long-term outlook. On July 9, the Sponge price tested the resistance level of $0.000402, which was last tested on June 26. At the same level, a bearish engulfing candle pattern—a bearish reversal candle pattern that fueled the Bears’ momentum—formed. On July 30, Sponge breached the downward $0.000136 barrier and fell to the $0.000093 support level. Shortly before the price spiked, it retreated to retest the previously broken level. Within the price range of $0.000136 and $0.000093 levels, the price is currently consolidating.

The sponge price has passed both of the EMAs’ upward lines, and it is currently trading above the EMAs of 9 and 21- periods, the former of which is aiming to cross the latter upward in order to establish a bullish trend.  The signal lines on the Relative Strength Index period 14 are bending upward to signify a buy signal, nevertheless, and are at 49 levels.

In case the resistance level of $0.000136 does not hold, the Bulls may drive the coin up after the pullback to penetrate the $0.000196 level and aim for $0.000330. The price may remain in consolidation if the previously indicated level holds.

SPONGEUSDT Short-term Trend: Bullish

SPONGEUSDT is Bullish on the short-term outlook. The coin has crossed over the two EMAs to the upside due to the bullish momentum. Sponge is moving near the $0.000136 resistance level. The resistance level of $0.000196 will be the next objective in the event that the Bulls are successful in breaking over the previously indicated resistance level.

The 9-period EMA and the 21-period EMA are being traded above by the SPONGEUSDT. The signal lines on the Resistance Strength Index period 14 are pointing upward, indicating a buy signal, and it is currently at 53 levels.

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