Sponge (SPONGEUSDT) Is Currently Rising Near $0.000136 Level

Bulls’ pressure increases in the Sponge market

SPONGEUSDT Price Analysis – 22 August

In case the resistance level of $0.000136 does not hold, the Bulls may drive the Sponge up after the pullback to penetrate the $0.000196 level and aim $0.000330. The price may continue to consolidate if the previously indicated level holds.

Key Levels:

Supply level: $0.000136, $0.000196, $0.000330

Demand level: $0.000093, $0.000006, $0.000004

SPONGEUSDT Medium-term Trend: Bullish

Sponge price is bullish on the Long-term outlook. On August 8, the Sponge price tested the $0.000136 resistance level once more, which it had previously tested on June 26. At the same level, a bearish engulfing candle pattern—a bearish reversal candle pattern that fueled the Bears’ momentum—formed. Sponge breached downside dynamic support levels on August 10 and fell to $0.000093. Before the bullish momentum continued, it briefly pulled back to retest the broken level. The price is currently rising near the level of $0.000136.

Sponge price is crossing the two EMAs upside and it is trading above 9 periods EMA and 21 periods EMA in which the latter is attempting to cross the former upside to establish the bullish trend.  However, the Relative Strength Index period 14 is at 47 levels and the signal lines bend up to indicate a buy signal.

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If the resistance level of $0.000136 does not hold, the Bulls may drive the coin up after the pullback to penetrate the $0.000196 level and aim $0.000330. The price may continue to consolidate if the previously indicated level holds.

SPONGEUSDT Short-term Trend: Bullish

SPONGEUSDT is Bullish on the short-term outlook. The coin is crossing over the two EMAs to the upside due to the bullish momentum. The price is moving near the $0.000136 resistance level. The resistance level of $0.000196 will be the next objective for the Bulls if they are successful in breaking through $0.000136.

The 9-period EMA and the 21-period EMA are being traded above by the SPONGEUSDT. The signal lines on the relative strength index period 14 are pointing up, signaling a buy, and the index is currently at 52 levels.

Sponge will always reign supreme

#Bitcoin will always be king 👑🚀🤣 pic.twitter.com/rIWNYYBtJj

— $SPONGE (@spongeoneth) August 22, 2023

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