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Bullish trend commences as support level of $0.000093 holds
SPONGEUSDT Price Analysis – 24 August
If the $0.000136 resistance level fails to hold, the Bulls may propel the coin upward after a retreat to break over the $0.000196 level and aim for $0.000330. The price may remain in consolidation if the level noted earlier 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. The Sponge price tested the $0.000136 barrier level twice, once on June 26 and again on August 8. At the same level, a bearish engulfing candle pattern and a bearish reversal candle pattern formed, which helped the Bears gain momentum. On August 10, the price became negative after crossing through dynamic support levels and fell to $0.000093. Before the bullish momentum picked up again, it briefly retested the broken level. The price is currently rising, close to $0.000136.
In order to cross the 9-period EMA to the upside and begin a positive trend, the Sponge price is passing the two EMAs to the upside. However, the signal lines on period 14 of the Relative Strength Index are bending higher to suggest a buy signal and are at level 45.
If the $0.000136 resistance level fails to hold, the Bulls may propel the coin upward after a retreat to break over the $0.000196 level and aim for $0.000330. Sponge may remain in consolidation if the level noted earlier holds.
SPONGEUSDT Short-term Trend: Bullish
SPONGEUSDT is Bullish on the short-term outlook. The coin is crossing the two EMAs to the upside as a result of the bullish momentum. The price is getting close to the $0.000136 resistance level. The resistance level of $0.000196 will be the Bulls’ next objective 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 of the period 14 of the relative strength index are pointing up, signaling a buy, and the index is now trading at 46 levels.
Genius 😎🧠pic.twitter.com/uSTbGnpGEx
— $SPONGE (@spongeoneth) August 24, 2023
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