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Buyers increasing their pressure in Sponge market
SPONGE (SPONGEUSDT) Price Analysis – 26 October
In the Sponge market, the resistance levels of $0.000136, $0.000330, and $0.000330 could be the next targets if the $0.000081 level holds. Support levels of $0.000006 and $0.000004 can be examined in case the $0.000081 support level is breached below.
SPONGEUSDT Market
Key levels:
Resistance levels: $0.000136, $0.000196, $0.000330
Support levels: $0.000081, $0.000006, $0.000004
SPONGEUSDT Long-term Trend: Bullish
Sponge has hope for the future. Sponge prices are directly correlated with customer demand. Every day, the number of bullish candles increased. The resistance level of $0.000136 was broken on September 6. Sponge breached a crucial resistance level at $0.000136. The price has oscillated between the indicated resistance levels and outside of them during the last two weeks. Today, buyers increasing their pressure and attempting to attract more investors. Right now, buyers are applying greater pressure to overcome the $0.000136 barrier.
The 21- and 9-period moving averages (EMAs) of the sponge are being crossed, and the two EMAs that incline northward indicate that trade is active. The resistance levels of $0.000136, $0.000330, and $0.000330 could be the next targets if the $0.000081 level holds. Support levels of $0.000006 and $0.000004 can be examined in case the $0.000081 support level is breached below.
SPONGEUSDT Medium-term Trend: Bullish
The 4-hour chart of Sponge shows a bullish trend. The bulls seem to be still applying pressure toward the resistance level $0.000136 level. The market was not adversely affected by the sellers’ actions. Strong bullish candles emerge today, suggesting that buyers are picking up the pace. The price will grow and trend toward $0.000196 over $0.000136.
There is most likely more purchasing momentum because the coin is trading above both EMAs. The Relative Strength Index’s period 14 signal line is rising at 42, indicating a buy signal.
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— $SPONGE (@spongeoneth) October 25, 2023
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