Bulls are dominating Sponge market
SPONGEUSDT Price Analysis – 02 October
Sponge will increase and surpass the $0.000136, $0.000196, and $0.000330 resistance levels when the bulls hold onto the $0.000087 support level. If the bears are able to breach the $0.000087 support, they may be able to reach the $0.000006 and $0.000004 levels.
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 bulls are exerting more pressure. As additional bullish candles appear, sponge will unquestionably rise and may even cross the $0.000136 threshold. The expansion of bull power is currently driving up prices. The latest bearish trend forced the price to challenge the $0.000087 support level. It withdrew in an effort to keep the appropriate level of support. Intense selling pressure caused the price to fall the next day to a low of $0.000087, which is luring in more purchasers. At the moment, bulls are dominating the market.
The sponge market is currently being led by bulls, and sponge is trading above both the 9-period EMA and the 21-period EMA. Sponge will increase and surpass the $0.000136, $0.000196, and $0.000330 resistance levels when the bulls hold onto the $0.000087 support level. If the bears are able to breach the $0.000087 support, they may be able to reach the $0.000006 and $0.000004 levels.
SPONGEUSDT Medium-term Trend: Bullish
On the 4-hour chart, SPONGEUSDT’s price is increasing. The Coin is rising as more bullish candles continue to form from its support level of $0.000087. The interest of buyers in the sponge market will lead to the breaking of the resistance level of $0.000136. The $0.000196 barrier level may be broken through if bullish pressure increases.
The price is currently crossing both the 9 and 21 period EMAs. The Relative Strength Index’s 14-period signal line will show a buy at level 57.
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— $SPONGE (@spongeoneth) October 2, 2023
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