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Bullish pressure increases in the Sponge market
SPONGEUSDT Price Analysis – 28 August
If more buyers enter the market this week, there is a potential that Sponge will go up toward the resistance level of $0.000136, which is followed by the levels of $0.000196 and $0.000330.
Key Levels:
Supply level: $0.000136, $0.000196, $0.000330
Demand level: $0.000093, $0.000006, $0.000004
SPONGEUSDT Medium-term Trend: Bullish
SPONGEUSDT purchasers were unable to significantly raise the price above the $0.00036 barrier level last week. The bearish pressure caused the price to fall toward the $0.0000093 support level. A few bearish candles developed, further lowering the price. The price retraced its steps in the direction of the $0.000093 support level. At the support level of $0.000093, the buyers were able to counteract the bearish momentum. Currently, the price is moving toward the previous high of $0.000136.
Given that a pin bar candle pattern appeared on the daily chart, there is a chance that the price will increase throughout the course of the upcoming trading days. On the daily chart, Sponge is trading slightly above the two exponential moving averages (EMAs), the relative strength index period 14 is at 45 levels, and the signal lines are pointing north, which is a positive sign.
SPONGEUSDT Price Medium-term Trend: Bullish
SPONGEUSDT on the medium term is bullish. The coin broke through the dynamic resistance level from last week and increased to challenge the $0.000136 level of resistance. Sponge is currently being pushed towards the $0.000136 resistance level as the bulls’ impetus increases and the bulls acquire more strength.
If more buyers enter the market the following week, there is a potential that the price will go up toward the resistance level of $0.000136, which is followed by the levels of $0.000196 and $0.000330. The signal lines heading north indicate a potential price rise, and the relative strength index period 14 is close to $49.
Where are the critics?
Where the haters at? 🧐👀😂 pic.twitter.com/CTuc4rz1qs
— $SPONGE (@spongeoneth) August 28, 2023
Invest in the hottest and best meme coin. Buy Sponge ($SPONGE) today!
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