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Positive spark in the Sponge market
SPONGEUSDT Price Analysis – 02 August
The $0.000136 resistance level may be overcome by Sponge, allowing it to attack the $0.000196 and $0.000330 levels if the Bulls continue to exert pressure
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 bullish on the long-term outlook. There was a positive spark in the Sponge market. The cryptocurrency has been under negative pressure since May 28th. The coin’s demand dropped to $0.000093 on June 22. In order to retest the $0.000136 level that was broken, there was a price retracement. Further price growth was not possible because the price had already reached the confluence at the designated level. The price is advancing toward the $0.000136 barrier level as the Bulls have resumed their movement.
The fact that Sponge is currently circling the 9-period EMA and the 21-period EMA shows that the bullish momentum is intensifying. The relative strength index period 14 is at 45 levels and is going north, which indicates a buy signal. The $0.000136 resistance level may be overcome by Sponge, allowing it to attack the $0.000196 and $0.000330 levels if the Bulls continue to exert pressure.
The Secret of Why $SPONGE Coin Will Explode
SPONGEUSDT Short-term Trend: Bullish
Sponge is bullish on the short-term outlook. The sponge was solidifying the previous week. The bearish momentum on the Sponge market was dissipated immediately after the consolidation action. It will break through to the north with the assistance of the bulls’ strong momentum. Higher highs were made as a result of the coin being pushed up, suggesting an upward momentum.
The sponge price is currently trading above both the 9-day EMA and the 21-day EMA, indicating bullish movement. Since Relative Strength Index period 14 is at 46 levels and is pointing north, Sponge may continue to buy.
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🔗 https://t.co/lDGSBf8kaO pic.twitter.com/mRmdz2vGfb
— $SPONGE (@spongeoneth) August 2, 2023
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