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Bulls are opposing Bears in the Sponge market
SPONGEUSDT Price Analysis – 22 September
As long as the bulls are able to hold onto the $0.000087 support level, Sponge will rise and surpass the $0.000136, $0.000196, and $0.000330 resistance levels. The $0.000006 and $0.000004 levels could be reached if the bears break through the $0.000087 support.
Key Levels:
Supply level: $0.000136, $0.000196, $0.000330
Demand level: $0.000087, $0.000006, $0.000004
SPONGEUSDT Medium-term Trend: Bullish
Every day, the urge to shop gets stronger. The sponge will likely rise higher as more bullish candles form and may perhaps surpass the $0.000196 barrier level. The current growth in bull power is causing prices to rise. On July 27, the price was compelled by the bearish trend to test the $0.000087 support level. It backed off in an effort to maintain the proper level of support. The price fell the following day as a result of increased seller’ pressure, hitting a low of $0.000087. The price skyrocketed beyond $0.000136 on September 6. Due to pressure from the sellers, it withdrew.
Bulls are currently in control of the sponge market, and sponge will shortly start trading above both the 9-period EMA and the 21-period EMA. As long as the bulls are able to hold onto the $0.000087 support level, price will rise and surpass the $0.000136, $0.000196, and $0.000330 resistance levels. The $0.000006 and $0.000004 levels could be reached if the bears break through the $0.000087 support.
SPONGEUSDT Medium-term Trend: Bullish
The price of SPONGEUSDT is rising on the 4-hour chart. The Coin is advancing upward from its support level of $0.000087 as more bullish candles grow in number. The resistance level of $0.000136 will be broken due to the interest of buyers in the sponge market. Increased bullish pressure might push the price past the $0.000196 barrier.
Currently, the price is above both the 21- and 9-period EMAs. The signal line for the 14 period of the Relative Strength Index provides a positive signal at level 30.
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— $SPONGE (@spongeoneth) September 22, 2023
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