Sponge (SPONGEUSDT): Buyers Were Able to Oppose Bearish Movement at $0.000093 Level

Sponge is heading towards its previous high at $0.000136 level

SPONGEUSDT Price Analysis – 25 August

In case more buyers come in next week there is a probability that Sponge will experience further uptrend movement towards the resistance level of $0.000136, above it are $0.000196 and $0.000330 levels.

Key Levels:

Supply level: $0.000136, $0.000196, $0.000330

Demand level: $0.000093, $0.000006, $0.000004

SPONGEUSDT Medium-term Trend: Bullish

The buyers of SPONGEUSDT were unable to push the price higher far above the resistance level of $0.00036. Sponge fell due to the bearish pressure towards the support level of $0.0000093. Some bearish candles were formed which further reduced the price last week. The price carried out a retracement toward the resistance level of $0.000093. The buyers were able to oppose the bearish movement at the support level of $0.000093. The price is currently heading towards the previous high at $0.000136.

There is a probability that the price might go up within the next several trading days as a pin bar candle pattern formed on the daily chart. On the daily chart, Sponge is below the two EMAs with the relative strength index period 14 at 43 levels with the signal lines pointing towards the north, which indicates a bullish signal.

SPONGEUSDT Price Medium-term Trend: Bullish

SPONGEUSDT on the medium term is bullish. The coin broke up last week’s dynamic resistance level and it increased to test the resistance level of $0.000136 level. The bulls’ momentum became weak and bears gained more power to push the price toward $0.000093 support level at the moment.

In case more buyers come in next week there is a probability that  Sponge will experience further uptrend movement towards the resistance level of $0.000136, above it are $0.000196 and $0.000330 levels. The relative strength index period 14 is at $26, with the signal lines directed towards the south indicating price decrease which may be a pullback.

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— $SPONGE (@spongeoneth) August 25, 2023

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