Sponge (SPONGEUSDT): In Case Bulls Apply Pressure, $0.000196 level May Be Broken

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Further increase of Buyers’ momentum envisaged in Sponge market

SPONGEUSDT Price Analysis – 10 August

If the bulls apply further pressure and break over the $0.000136 level, Sponge will move through the $0.000196 and $0.000330 resistance levels. The daily chart’s level 40 on Period 14’s relative strength index shows that this week is most likely to see further positive activity.

Key Levels:

Supply level: $0.000136, $0.000196, $0.000330

Demand level: $0.000093, $0.000006, $0.000004

SPONGEUSDT Medium-term Trend: Bullish

SPONGEUSDT is in a bullish trend in its long-term outlook. Following the price decline last week toward the support level of $0.000093, the intense negative pressure was let go. After failing in its attempt to break lower beneath the marked support level, the price ended the day higher. As a result of the development of bullish candles and the upward breach of the prior resistance level of $0.000136, more buyers entered the market under growing pressure.

On the daily time scale, the price made a bullish candle yesterday, indicating that it would likely continue to rise and test the $0.000196 resistance level. If the bulls apply further pressure and break over the $0.000136 level, the price will move through the $0.000196 and $0.000330 resistance levels. The daily chart’s level 40 on Period 14’s relative strength index shows that this week is most likely to see further positive activity.

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SPONGEUSDT Price Medium-term Trend: Bullish

The cryptocurrency on the medium term is bullish. The price increased as more bullish candles emerged and it crossed both the 9 and 21-day EMAs at the same time, indicating that bulls were regaining control of the market. Moving in the direction of the $0.000196 resistance level, Sponge is advancing above the $0.000136 resistance level. The medium-term picture for the coin looks encouraging above the channel as more bullish candles are forming.

On the 4-hour chart, the Relative Strength Index Period 14 signal lines are at 43 levels and pointing north, indicating an increase in price.

Just need to take another look

Just need to look one more time🔍🤣 pic.twitter.com/rauyeXfmsU

— $SPONGE (@spongeoneth) August 10, 2023

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