Sponge (SPONGEUSDT) Is Heading Toward Resistance Level of $0.000136

Bulls’ momentum will continue to increase in Sponge market

SPONGEUSDT Price Analysis – 14 August

After the pullback, the Bulls may push up Sponge to penetrate the $0.000196 level and target $0.000330 provided the resistance level of $0.000136 does not hold. In case the just mentioned level holds, the price may continue to consolidate

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. Sponge price retested the resistance level of $0.000402 on July 09; that is the level reached on June 26. A bearish engulfing candle pattern formed at the same level; this is a bearish reversal candle pattern that triggered the Bears’ momentum. The price dropped to the $0.000093 support level on 30 July after it penetrated the downside $0.000136 level. It pulled back shortly, to retest the broken level just mentioned before the price sparked. The price is currently consolidating within $0.000136 and $0.000093 price level.

Sponge price has crossed the two EMAs upside and it is trading above 9 periods EMA and 21 periods EMA in which the former is attempting to cross the latter upside to establish the bullish trend.  However, the Relative Strength Index period 14 is at 44 levels and the signal lines bend up to indicate a buy signal.

After the pullback, the Bulls may push up the coin to penetrate the $0.000196 level and target $0.000330 provided the resistance level of $0.000136 does not hold. In case the just mentioned level holds, the price may continue to consolidate.

SPONGEUSDT Short-term Trend: Bullish

SPONGEUSDT is Bullish on the short-term outlook. The Bullish momentum has pushed the coin to cross over the two EMAs upside. The price is heading toward the resistance level of $0.000136. In case the Bulls were able to break up the resistance level just mentioned, the next target will be the resistance level of $0.000196.

The SPONGEUSDT is trading above the 9 periods EMA and 21 periods EMA. Meanwhile, the Resistance Strength Index period 14 is at 33 levels with the signal lines pointing upside to indicate a buy signal.

It’s like waiting for your #MemeCoin to pump.

Waiting for your #MemeCoin to pump be like…🕒📈🚀😅 pic.twitter.com/acJxf5QbFy

— $SPONGE (@spongeoneth) August 13, 2023

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