Sponge (SPONGEUSDT): Buyers Are Exerting Further Pressure

Sponge price will soon reach $0.000136 mark

SPONGE (SPONGEUSDT) Price Analysis – 20 October

The resistance levels of $0.000136, $0.000330, and $1,786 could be the next targets if the $0.000081 level holds. Support levels of $0.000006 and $0.000004 can be tested if the $0.000081 support level is broken downward.

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 looks at things with optimism for the future. Prices for sponges rise in response to consumer demand. On September 6, the $0.000136 resistance level gave way.  There were more bullish candles each day. At $0.000136, the price crossed above a critical pivotal level. Last week, the price fluctuated within the designated resistance levels. To draw in additional investors, sellers stepped up their pressure and broke the level toward the conclusion of the week. Buyers are currently exerting further pressure in an attempt to hit the $0.000136 threshold. Consumers are not yet worn out.

Sponge is trading above the 21- and 9-period EMAs and the two EMAs sloping northward suggest positive activity in the sponge market. The resistance levels of $0.000136, $0.000330, and $1,786 could be the next targets if the $0.000081 level holds. Support levels of $0.000006 and $0.000004 can be tested if the $0.000081 support level is broken downward.

SPONGEUSDT Medium-term Trend: Bullish

Sponge’s 4-hour chart exhibits a bullish inclination. The sellers’ intervention did not cause the market to become negative. It appears that the bulls at the previously mentioned resistance level have not completely let go of their pressure. On October 14, strong bullish candles appeared, indicating that buyers were increasing their pace. The price is going to rise beyond the $0.000136 barrier and head toward $0.000196.

Given that the coin is trading above both EMAs, there is probably more buying momentum. The period 14 signal line of the Relative Strength Index is rising upward at 35 levels, suggesting a buy signal.

$SPONGE Airdrop is about to stop!

🚨 $SPONGE Airdrop ending soon! 🚨

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— $SPONGE (@spongeoneth) October 20, 2023

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