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Sponge might keep buying
SPONGEUSDT Price Analysis – 12 December
Sponge may be able to break over the $0.000403 resistance level if the Bulls maintain their momentum, and launch an attack toward the $0.000502 and $0.000604 levels.
Key Levels:
Resistance levels: $0.000403, $0.000502, $0.000604
Support levels: $0.000330, $0.000262, $0.000196
SPONGEUSDT Medium-term Trend: Bullish
SPONGEUSDT is bullish on the long-term outlook. There was a positive spark in the sponge market. The price of the cryptocurrency has been inclining since December 6th. The coin’s demand eventually dropped to $0.000136. To test the broken resistance level of $0.000169, there was a price retracement. Further price growth was now permitted because the price had already been beyond the confluence at the predefined level. Now that the bulls are back in the picture, the price is heading for the resistance level of $0.000403.
The fact that the exponential moving averages (EMAs) with periods of nine and twenty-one are currently are below Sponge indicates that the bullish momentum is strengthening. Relative strength index period 14 is pointing north at 63 levels, suggesting a buy signal. If the Bulls maintain their momentum, Sponge may be able to break over the $0.000403 resistance level and launch an attack toward the $0.000502 and $0.000604 levels.
SPONGEUSDT Short-term Trend: Bullish
In the short term, Sponge is upbeat. Sponge has been preparing for this week. Immediately following the consolidation action, the bearish momentum on the Sponge market vanished. It will break out to the north with the tremendous impetus of the bulls. The coin increased in value due to increased buyer desire, indicating an upward momentum at the resistance level of $0.000604.
The price of sponges is currently climbing and above the 9- and 21-day moving averages. Sponge might keep buying since the Relative Strength Index period 14 is rising and currently stands at 63 levels.
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— $SPONGE (@spongeoneth) November 7, 2023
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