Sponge (SPONGEUSDT): Buyers Are Accelerating Their Pace

Strong Bullish momentum in Sponge market

SPONGE (SPONGEUSDT) Price Analysis – 27 October

If the $0.000081 level holds, the resistance levels of $0.000136, $0.000330, and $0.000330 may be the following objectives. If the $0.000081 support level is broken below, support levels of $0.000006 and $0.000004 can be investigated in the Sponge market.

SPONGEUSDT Market

Key levels:

Resistance levels: $0.000136, $0.000196, $0.000330

Support levels: $0.000081, $0.000006, $0.000004

SPONGEUSDT Long-term Trend: Bullish

Sponge is optimistic about the future. Prices for sponges are directly proportional to consumer demand. The number of bullish candles rose daily. On September 6, the $0.000136 resistance level was breached.  At $0.000136, the price broke through a critical resistance level. Over the past two weeks, the price has fluctuated both inside and outside of the stated resistance levels. Buyers are exerting additional pressure and trying to draw in more investors today. Currently, buyers are exerting more pressure to break over the $0.000136 barrier.

The sponge’s 9- and 21-period moving averages (EMAs) are crossing, and the two EMAs that slope northward suggest that trade is occurring. If the $0.000081 level holds, the resistance levels of $0.000136, $0.000330, and $0.000330 may be the following objectives. In the event that the $0.000081 support level is broken below, support levels of $0.000006 and $0.000004 can be investigated.

SPONGEUSDT Medium-term Trend: Bullish

Sponge’s 4-hour chart displays a bullish trend. It appears that the bulls are continuing to put pressure on the $0.000136 resistance level. The sellers’ actions had no negative effect on the market. Today’s strong bullish candles indicate that buyers are accelerating their pace. The price will increase and go from $0.000136 to $0.000196.

Given that the coin is trading above both EMAs, there is probably additional buying momentum. A purchase signal is shown by the period 14 signal line of the Relative Strength Index rising at 42.

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