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Sponge will likely rise further, may be reaching its high of $0.000196
SPONGEUSDT Price Analysis – 06 September
If the bulls hold the $0.000087 support level, Sponge may reverse and run into the resistance levels of $0.000136, $0.000196, and $0.000330. If the bears breach the $0.000087 support level, they might potentially hit the $0.000006 support level and perhaps test the $0.000004 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 downward trend forced the price to attempt the $0.000087 barrier level on July 27. It pulled back while making an effort to keep the mentioned support level. The following day, as a result of increased seller pressure, the price dropped to a low of $0.000087. The double bottom chart pattern was created as a result of this situation. Price growth and breaks through the $0.000136 threshold today. It pulled back as a result of pressure from sellers. If further bullish candles form, Sponge will likely rise further, may reach its high of $0.000196.
The sponge market is currently being controlled by bulls as evidenced by the fact that the sponge is trading above both the 9-period EMA and the 21-period EMA. If the bulls hold the $0.000087 support level, the price may reverse and run into the resistance levels of $0.000136, $0.000196, and $0.000330. If the bears breach the $0.000087 support level, they might potentially hit the $0.000006 support level and perhaps test the $0.000004 level.
SPONGEUSDT Medium-term Trend: Bullish
SPONGEUSDT is on the bullish movement on the 4-hour chart. The sponge recently crossed through the last support level of the fall $0.000136 when the sellers applied further pressure to the price, disrupting of the developing double-bottom chart pattern. Bullish pressure may become more intense, pushing the price towards the $0.000196 barrier. Prices may grow toward the north side because buyers are now in control.
Both the 21- and 9-period EMAs are currently below the sponge price. The Relative Strength Index period 14’s signal line displays a bullish signal at 49 levels.
I hope to participate in that #Bullrun someday
Looking forward to that #Bullrun one day… 📈🚀🥸 pic.twitter.com/sPC7CU1wMS
— $SPONGE (@spongeoneth) September 6, 2023
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