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

Azeez Mustapha

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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

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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