Sponge (SPONGEUSDT): Bulls May Push Price to Penetrate $0.000196 Levels

Buyers’ momentum increases in Sponge market

SPONGEUSDT Price Analysis – 21 August

In case the $0.000136 resistance level fails to hold, the Bulls may propel the coin upward after a retreat to break over the $0.000196 levels and aim for $0.000330. The 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. The Sponge price retested the resistance level of $0.000136 on 08 August; that is the level reached on June 26. A bearish engulfing candle pattern formed at the same level; this is a bearish reversal candle pattern that triggered the Bears’ momentum. The price dropped to $0.000093 on 10 August after it penetrated downside dynamic support levels. It pulled back shortly, to retest the broken level before the bullish movement continuation. The price is currently increasing towards $0.000136 level.

Sponge price has crossed the two EMAs upside and it is trading above 9 periods EMA and 21 periods EMA in which the latter is attempting to cross the former upside to establish the bullish trend.  Nevertheless, the Relative Strength Index period 14 is at 47 levels and the signal lines bend up to indicate a buy signal.

After the pullback, the Bulls may push up the coin to penetrate the $0.000196 levels and target $0.000330 provided the resistance level of $0.000136 does not hold. In case the just mentioned level holds, the price may continue to consolidate.

SPONGEUSDT Short-term Trend: Bullish

SPONGEUSDT is Bullish on the short-term outlook. The Bullish momentum has pushed the coin to cross over the two Emas’ upside. Sponge is heading toward the resistance level of $0.000136. In case the Bulls were able to break up the resistance level of $0.000136, the next target will be the resistance level of $0.000196.

The SPONGEUSDT is trading above the 9 periods EMA and 21 periods EMA. Meanwhile, the relative strength index period 14 is at 52 levels with the signal lines pointing upside to indicate a buy signal.

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— $SPONGE (@spongeoneth) August 20, 2023

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