Sponge (SPONGEUSDT): Buyers Are Gathering Momentum

Bulls’ pressure is increasing in Sponge market

SPONGEUSDT Price Analysis – 31 August

If additional buyers enter the market this week, Sponge may move toward the resistance level of $0.000136, which is followed by the levels of $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

In the previous four weeks, SPONGEUSDT purchasers were able to considerably raise the price above the $0.000136 threshold. The positive pressure caused the price to move in the direction of the $0.000196 resistance level. Sponge fell as a result of the formation of powerful bearish candles. The price turned around and moved in the direction of the $0.000087 support level. At the support level of $0.000087, the buyers were successful in halting the downward momentum. Currently, the price is moving in the direction of the $0.000136 prior high.

A pin bar candle pattern formed on the daily chart, suggests that the price may increase throughout the course of the ensuing trading days. The signal lines are trending north, the relative strength index period 14 is at 42 levels, and Sponge will start trading just above the two exponential moving averages (EMAs) on the daily chart.

SPONGEUSDT Price Medium-term Trend: Bullish

SPONGEUSDT on the medium term is bullish. After passing the dynamic resistance level from the prior week, the currency tested the $0.000196 level of resistance. Sponge is currently being driven below the $0.000136 support level as the bulls gain power and momentum.

If additional buyers enter the market this week, the price may move toward the resistance level of $0.000136, which is followed by the levels of $0.000196 and $0.000330. Period 14 of the relative strength index is close to 32. A likely price increase is indicated by the signal lines heading north.

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