Sponge (SPONGEUSDT) Is Soaring Higher

Bulls resumed and the price is ascending toward $0.000136 level

SPONGEUSDT Price Analysis – 31 July

Sponge is targeting the resistance level of $0.000136 and may break it up provided the Bulls increase their pressure, then, $0.000196 and $0.000330 may be tested

Key Levels:

Supply level: $0.000136, $0.000196, $0.000330

Demand level: $0.000093, $0.000006, $0.000004

SPONGEUSDT Medium-term Trend: Bullish

SPONGEUSDT is on bullish on the long-term outlook. The cryptocurrency has been under bearish pressure starting on 28 May. The coin dropped to the demand level of $0.000093 on 22 June. There was a price retracement to retest the broken level of $0.000136. Further increase in price was not possible as the price was confronted with the confluence at the mentioned level. The Bulls resumed their movement and the price is ascending towards the resistance level of $0.000136.

Sponge is trading slightly above 9-period EMA and 21-period EMA at a close range which indicates that the bullish momentum is getting stronger. The relative strength index period 14 is at 46 levels pointing to the north which indicates a buy signal. Sponge is targeting the resistance level of $0.000136 and may break it up provided the Bulls increase their pressure, then, $0.000196 and $0.000330 may be tested.

SPONGEUSDT Short-term Trend: Bullish

Sponge is bullish on the short-term outlook. The bearish momentum was lost on the Sponge market shortly after the consolidation movement. Sponge was consolidating last week. It is about to break out to the north with the aid of the bulls’ high momentum. The coin was pushed up making higher highs as the sign of an uptrend movement.

Sponge price is trading above the 21-day EMA and 9-day EMA which connotes bullish movement.  The relative strength index period 14 is at 46 levels pointing to the north indicating that Sponge may buy continuously.

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— $SPONGE (@spongeoneth) July 31, 2023

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