Sponge (SPONGEUSDT) May Penetrate $0.000196 Level If $0.00013 Level Fails to Hold

Bulls are targeting $0.000196 level

SPONGEUSDT Price Analysis – 16 August

Bulls may force the coin up following the pullback to penetrate the $0.000196 level and aim for $0.000330 if the $0.000136 resistance level fails to hold. If the previously mentioned level is maintained, 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. The resistance level of $0.000402, which had previously been tested on June 26 by the Sponge price, was tested on July 9. A bearish engulfing candle pattern, a bearish reversal candle pattern that boosted the Bears’ momentum, developed at the same level. On July 30, the price broke through the negative $0.000136 resistance and dropped to the support level of $0.000093. The price declined to retest the previously broken level just before it soared. Right now, the price is rising toward level of $0.000136.

The sponge price is currently trading above the EMAs of 9 and 21 periods, with the former attempting to cross the latter upward in order to establish a positive trend. The sponge price has also crossed both of the EMAs’ upward lines.  However, the signal lines on period 14 of the Relative Strength Index are bending higher to indicate a buy signal and are at level 49.

The Bulls may force the coin up following the pullback to penetrate the $0.000196 levels and aim for $0.000330 if the $0.000136 resistance level fails to hold. If the previously mentioned level is maintained, the price may continue to consolidate.

SPONGEUSDT Short-term Trend: Bullish

SPONGEUSDT is Bullish on the short-term outlook. Due to the positive momentum, the coin has passed over the two EMAs to the upside. The resistance level of $0.000136 is being approached by the price. If the Bulls are successful in crossing over the previously mentioned resistance level, the next target will be the resistance level of $0.000196.

The SPONGEUSDT is trading above the 9-period EMA and the 21-period EMA. The Resistance Strength Index period 14 has a buy signal with signal lines pointing up and is currently at 53 levels.

When the enormous pump finally appears!

When the massive pump finally arrives! 🚀🌟 pic.twitter.com/5i809vwGYY

— $SPONGE (@spongeoneth) August 16, 2023

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