Sponge (SPONGEUSDT) Will Overcome $0.000136 Resistance Level to Target $0.000196 Level

Buyers’ momentum increases in Sponge market

SPONGEUSDT Price Analysis – 18 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 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. The Sponge price attempted to break through the $0.000402 barrier level on June 26 but not successful. A bearish engulfing candle pattern and a bearish reversal candle pattern both emerged at the same level, which aided the Bears in gaining traction. Sponge passed through the negative $0.000136 resistance on July 30 and dropped to the $0.000093 support level. The price sank to retest the previously broken level just before it rose. Currently, the price is rising toward the level of $0.000136.

Currently, the sponge price is trading above both the 9- and 21-period exponential moving averages, with the former attempting to cross the latter upward to establish a positive trend. The sponge price has also crossed both of the EMAs’ ascending lines.  At the same time, the period 14 signal lines of the Relative Strength Index are bending upward to indicate a buy signal and are at level 44.

The Bulls may drive the coin ahead following a setback to break over the $0.000136 levels and aim for $0.000196 and $0.000330. The price may continue to consolidate if the $0.000196 resistance level fails to hold.

SPONGEUSDT Short-term Trend: Bullish

SPONGEUSDT is Bullish on the short-term outlook. Due to the strong momentum, the coin has crossed the two EMAs to the upside. The resistance level of $0.000136 is within reach for the price. If the Bulls are able to overcome the initial resistance level, their next target will be the resistance level of $0.000196.

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 35 levels.

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— $SPONGE (@spongeoneth) August 18, 2023

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