Sponge (SPONGEUSDT): Buyers Are Defending $0.000087 Level

 The price increase is indicated by a signal line in the Sponge market

SPONGEUSDT Price Analysis – 04 September

In case the bears penetrate the support level of $0.000087, the support level of $0.000006 may be reached and there is a possibility that $0.000004 level may be tested. Should the bulls defend the support level of $0.000087, Sponge may reverse and face the resistance levels of $0.000136, $0.000196, and $0.000330.

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 momentum of the buyers increased, in other words, there was more pressure on Sponge, and the strong daily candle pattern formed on the daily chart was disrupted. The sellers gained momentum and the price broke down the support level of $0.000136 currently testing the support level of $0.000087 to give opportunity for more buyers.

Sponge is trading below the 9 periods EMA and 21 periods EMA which indicates that bears are dominating the Sponge market. In case the bears penetrate the support level of $0.000087, the support level of $0.000006 may be reached and there is the possibility that the $0.000004 level may be tested. Should the bulls defend the support level of $0.000087, the price may reverse and face the resistance levels of $0.000136, $0.000196, and $0.000330.

SPONGEUSDT Medium-term Trend: Bullish

SPONGEUSDT is on the bullish movement on the 4-hour chart. Sponge penetrated the former support level of $0.000136 downside few weeks ago when the sellers exerted more pressure. The double bottom chart pattern that was in the process of formation was disrupted. The bulls’ pressure may increase and push the price above the resistance level of $0.000196. At the moment, buyers are opposing the sellers and the price may increase towards the north side.

Sponge price is trading below the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is at 28 levels with the signal line displaying a bullish signal.

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