Sponge (SPONGEUSDT): Buyers Are Competing With Sellers, Price Will Rise

The price may revert and encounter the resistance levels of $0.000136

SPONGEUSDT Price Analysis – 05 September

If the bears break through the support level of $0.000087, they might also hit the support level of $0.000006 and possibly test the $0.000004 level. Sponge may revert and encounter the resistance levels of $0.000136, $0.000196, and $0.000330 if the bulls hold the $0.000087 support level.

Key Levels:

Supply level: $0.000136, $0.000196, $0.000330

Demand level: $0.000087, $0.000006, $0.000004

SPONGEUSDT Medium-term Trend: Bullish

Sponge is bullish on the long-term outlook. The strength of the daily candle pattern that had been established on the daily chart was broken as the momentum of the buyers grew, putting more pressure on Sponge. In order to provide additional opportunities for buyers, the sellers increased impetus and the price broke down the support level of $0.000136, which is currently being tested at the support level of $0.000087.

The fact that the sponge is trading below both the 9-period EMA and the 21-period EMA shows that bears are currently in control of the sponge market. If the bears break through the support level of $0.000087, they might also hit the support level of $0.000006 and possibly test the $0.000004 level. Sponge may revert and encounter the resistance levels of $0.000136, $0.000196, and $0.000330 if the bulls hold the $0.000087 support level.

SPONGEUSDT Medium-term Trend: Bullish

SPONGEUSDT is on the bullish movement on 4-hour chart. When the sellers put further pressure on the price, the sponge broke through the previous support level of the fall $0.000136 a few weeks ago. Disruption of the double bottom chart pattern that was forming. The bulls’ pressure can intensify and lift the price above the $0.000196 barrier mark. Currently, buyers are competing with sellers, and prices may rise toward the north side.

The sponge price is currently trading below both the 21- and 9-period EMAs. The signal line on the Relative Strength Index period 14 is showing a bullish signal at 28 levels.

Which one would you choose, then?

🧽And which one would you pick?🤔🪙💰#MemeCoins pic.twitter.com/RtAWCxiF2Z

— $SPONGE (@spongeoneth) September 5, 2023

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