Sponge (SPONGEUSDT): If Additional Bullish Candles Form, Sponge Will Rise Higher

Sponge price will soar

SPONGEUSDT Price Analysis – 08 September

If the bulls hold the $0.000087 support level, Sponge will rise and reach the resistance levels of $0.000136, $0.000196, and $0.000330. If the bears break through the $0.000087 support level, they may hit the $0.000006 support level and perhaps even the $0.000004 level.

Key Levels:

Supply level: $0.000136, $0.000196, $0.000330

Demand level: $0.000087, $0.000006, $0.000004

SPONGEUSDT Medium-term Trend: Bullish

Sponge is bullish on the long-term outlook. Due to the bearish trend, the price had to test the $0.000087 barrier level on July 27. It retreated in an effort to keep the required support level. The price dropped to a low of $0.000087 the next day as a result of increased seller pressure. The double bottom chart pattern was created as a result of this situation. Price rises and breaks beyond the $0.000136 threshold yesterday. It withdrew as a result of sellers’ pressure. If additional bullish candles form, Sponge will undoubtedly rise even higher and may perhaps reach its record high of $0.000196.

The fact that Sponge is currently trading above both the 9-period EMA and the 21-period EMA serves as evidence that bulls are currently in control of the sponge market. If the bulls hold the $0.000087 support level, the price will rise and reach the resistance levels of $0.000136, $0.000196, and $0.000330. If the bears break through the $0.000087 support level, they may hit the $0.000006 support level and perhaps even the $0.000004 level.

SPONGEUSDT Medium-term Trend: Bullish

SPONGEUSDT is on the bullish movement on the 4-hour chart. The growing double-bottom chart pattern was recently disrupted by the sellers’ increased push on the price, and the sponge recently crossed through the final support level of the slide at $0.000136. A possible escalation of bullish pressure could push the price up to the $0.000196 barrier level. Prices on the north side could rise now that buyers are in command.

The sponge price is currently above both the 21- and 9-period EMAs. The signal line for the Relative Strength Index period 14 shows a bullish signal.

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— $SPONGE (@spongeoneth) September 8, 2023

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