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Buyers are getting ready to take over Sponge market
SPONGEUSDT Price Analysis – 18 September
As long as the bulls are able to hold onto the $0.000087 support level, Sponge will rise and crest the $0.000136, $0.000196, and $0.000330 resistance levels. The $0.000006 and $0.000004 levels could be reached by the bears if they break through the $0.000087 support
Key Levels:
Supply level: $0.000136, $0.000196, $0.000330
Demand level: $0.000087, $0.000006, $0.000004
SPONGEUSDT Medium-term Trend: Bullish
Every day, the buying vigor increases. Prices are rising as bulls are more powerful today. On July 27, Sponge was compelled by the bearish trend to test the $0.000087 support level. In an effort to maintain the correct level of assistance, it pulled back. The price fell the next day as a result of increased seller pressure, hitting a low of $0.000087. This circumstance gave rise to the double-bottom chart pattern. The price surged past the $0.000136 mark on 06 September. Due to pressure from the sellers, it withdrew. The sponge will certainly move even higher as more bullish candles grow, and it might possibly reach its all-time high of $0.000196.
Bulls are currently in charge of the sponge market, which is demonstrated by the fact that Sponge is currently trading above both the 9-period EMA and the 21-period EMA. As long as the bulls are able to hold onto the $0.000087 support level, the price will rise and crest the $0.000136, $0.000196, and $0.000330 resistance levels. The $0.000006 and $0.000004 levels could be reached by the bears if they break through the $0.000087 support.
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SPONGEUSDT Medium-term Trend: Bullish
The price of SPONGEUSDT is rising on the 4-hour chart. The Coin is moving higher from its support level of $0.000087 as additional bullish candles develop. The resistance level of $0.000136 will be shattered due to the demand of buyers on the sponge market. Price may move up to the $0.000196 barrier level under increasing bullish pressure.
Both the 21- and 9-period EMAs are trading below the sponge price. Level 46 denotes a positive signal on the signal line for the Relative Strength Index period 14.
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