Sponge (SPONGEUSDT): Number of Buyers Increase Everyday

Buyers Are Exerting Further Pressure in Sponge market

SPONGE (SPONGEUSDT) Price Analysis – 23 October

If the $0.000081 level holds, the resistance levels of $0.000136, $0.000330, and $1,786 may be the following objectives. In the event that the $0.000081 support level is broken lower, support levels of $0.000006 and $0.000004 can be checked.

SPONGEUSDT Market

Key levels:

Resistance levels: $0.000136, $0.000196, $$0.000330

Support levels: $0.000081, $0.000006, $0.000004

SPONGEUSDT Long-term Trend: Bullish

Sponge has a positive outlook on the future. Sponge prices increase in proportion to customer demand. The $0.000136 resistance level went way on September 6.  Every day, the number of bullish candles increased. Spongee broke above a crucial key barrier at $0.000136. The price moved in and out of the designated resistance levels last week. Towards the end of the week, sellers increased their pressure and broke the level in an attempt to attract more investors. Right now, buyers are applying further pressure in an effort to cross the $0.000136 barrier. Customers aren’t yet fatigued.

Sponge is trading above its 21- and 9-period moving averages (EMAs), and the two EMAs that slope northward point to the market being active. If the $0.000081 level holds, the resistance levels of $0.000136, $0.000330, and $1,786 may be the following objectives. In the event that the $0.000081 support level is broken lower, support levels of $0.000006 and $0.000004 can be checked.

SPONGEUSDT Medium-term Trend: Bullish

The 4-hour chart of Sponge shows a bullish trend. The market did not become negative as a result of the sellers’ intervention. It seems that the bulls at the resistance level previously mentioned are still applying pressure. Strong bullish candles emerged on October 14, suggesting that buyers are picking up the pace. Sponge will increase above $0.000136 and move in the direction of $0.000196.

There is most likely more purchasing momentum because the coin is trading above both EMAs. The Relative Strength Index’s period 14 signal line is rising at levels of 62, indicating a buy signal.

Entry period ends on October 30th 🎉 Winners announced on November 1st

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— $SPONGE (@spongeoneth) October 13, 2023

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