Sponge (SPONGEUSDT): Buyers’ Momentum Will Push Price Above $0.000136 Level

Azeez Mustapha

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Support level of $0.000093 holds, bullish trend commences

SPONGEUSDT Price Analysis – 23 August

The Bulls may force the Sponge up following the pullback to penetrate the $0.000196 levels and aim for $0.000330 if the $0.000136 resistance level fails to hold. If the previously mentioned level holds, the price may continue to consolidate

Key Levels:

Supply level: $0.000136, $0.000196, $0.000330

Demand level: $0.000093, $0.000006, $0.000004

SPONGEUSDT Medium-term Trend: Bullish

Sponge price is bullish on the Long-term outlook. The Sponge price tested the $0.000136 barrier level once more on August 8 after it had already done so on June 26. A bearish engulfing candle pattern, a bearish reversal candle pattern that boosted the Bears’ momentum, developed at the same level. On August 10, the price crossed through dynamic support levels to the negative and dropped to $0.000093. It retested the broken level for a limited period of time before the bullish momentum resumed. Near $0.000136, the price is currently on the rise.

Sponge price is passing the two EMAs to the upside, which is aiming to cross the 9-period EMA to the upside in order to start a positive trend.  The signal lines on the Relative Strength index period 14 are bending upward to imply a buy signal, though, and are at 46 levels.

The Bulls may force the coin up following the pullback to penetrate the $0.000196 levels and aim for $0.000330 if the $0.000136 resistance level fails to hold. If the previously mentioned level holds, the price may continue to consolidate.

SPONGEUSDT Short-term Trend: Bullish

SPONGEUSDT is Bullish on the short-term outlook. Due to the bullish momentum, the coin is passing over the two EMAs to the upside. The resistance level of $0.000136 is being approached by the price. If the Bulls succeed in breaking through $0.000136, their next target will be the resistance level of $0.000196.

The SPONGEUSDT is trading above the 9-period EMA and the 21-period EMA. The relative strength index period 14’s signal lines are pointing up, indicating a buy, and the index is now trading at 46 levels.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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