Sponge (SPONGEUSDT): Buyers’ Pressure Indicating an Upward Momentum

Bulls have started moving again in the Sponge market

SPONGEUSDT Price Analysis – 03 August

Sponge had already surpassed the confluence at the predetermined level, making further price growth impossible. The Bulls have started moving again, and Sponge is moving toward the $0.000136 resistance level

Key Levels:

Supply level: $0.000136, $0.000196, $0.000330

Demand level: $0.000093, $0.000006, $0.000004

SPONGEUSDT Medium-term Trend: Bullish

On the long-term outlook, SPONGEUSDT is bullish. The market for sponges had a positive spark. Since May 28th, there has been a downward pressure on the cryptocurrency. On June 22, the coin’s demand fell to $0.000093. There was a price retracement to test the $0.000136 resistance level that was broken. The price had already surpassed the confluence at the predetermined level, making further price growth impossible. The Bulls have started moving again, and the price is moving toward the $0.000136 resistance level

SPONGE is currently encircling both the 9-period and 21-period exponential moving averages (EMAs) indicating that the bullish momentum is escalating. A purchase signal is shown by the relative strength index period 14 being at 45 levels and pointing towards the north. If the Bulls maintain their push, SPONGE may be able to break through the $0.000136 resistance level, allowing it to attack the $0.000196 and $0.000330 levels.

SPONGEUSDT Short-term Trend: Bullish

SPONGE is bullish on the short-term outlook. The sponge was set up the week before. In the immediate aftermath of the consolidation action, the bearish impetus on the sponge market vanished. The high momentum of the bulls will aid in its breakout to the north. Sponge was pushed up by the buyers’ pressure indicating an upward momentum.

The sponge price is currently moving upward and is trading above both the 9-day and 21-day EMAs.  Sponge might keep buying because the Relative Strength Index period 14 is at 46 levels and is going north.

when you’ve been making money for ten minutes but haven’t told anyone

When you're making profit and haven't told anyone in 10 minutes🤑🤫🤣 pic.twitter.com/oY6IGmnFfC

— $SPONGE (@spongeoneth) August 3, 2023

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