Sponge (SPONGEUSDT) Bulls May Propel Coin Upward to Break Up $0.000196 Levels

Buyers are targeting $0.000196 level

SPONGEUSDT Price Analysis – 17 August

In case the $0.000136 resistance level fails to hold, the Bulls may propel the Sponge upward after a retreat to break over the $0.000196 level and aim for $0.000330. Sponge may remain in consolidation if the aforementioned level is held.

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 June 26, the Sponge price attempted to break through the resistance level of $0.000402, and that attempt was made on July 9. At the same level, a bearish engulfing candle pattern and a bearish reversal candle pattern formed, which helped the Bears gain momentum. On July 30, the price surpassed the negative $0.000136 resistance and fell to the $0.000093 support level. Just before it rose, the price dropped to retest the previously broken level. The price is currently moving up near the level of $0.000136.

The sponge price is currently trading above the 9- and 21-period exponential moving averages, with the former trying to cross the latter upward to create a bullish trend. The rising lines of both the EMAs have also been crossed by the sponge price.  The Relative Strength Index’s period 14 signal lines, on the other hand, are bending higher to signify a buy signal and are at level 45.

If the $0.000136 resistance level fails to hold, the Bulls may propel the coin upward after a retreat to break over the $0.000196 level and aim for $0.000330. The price may remain in consolidation if the aforementioned level is held.

SPONGEUSDT Short-term Trend: Bullish

SPONGEUSDT is Bullish on the short-term outlook. The coin has crossed the two EMAs to the upside thanks to the strong momentum. The price is getting close to the $0.000136 resistance level. The resistance level of $0.000196 will be the Bulls’ next objective if they are successful in breaking over the first resistance level.

The SPONGEUSDT is trading above the 9-period EMA and the 21-period EMA. The Relative Strength Index period 14 has a buy signal with signal lines pointing up and is currently at 45 levels.

When individuals inquire about the status of cryptocurrency trading,

When people ask how the #Crypto trading is going…💰🤣 pic.twitter.com/1c5gFPQabe

— $SPONGE (@spongeoneth) August 17, 2023

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