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Buyers’ pressure will soon increase
SPONGEUSDT Price Analysis – 12 September
In case the bulls hold onto the $0.000087 support level, Sponge will climb and reach the resistance levels of $0.000136, $0.000196, and $0.000330. If the bears break through the $0.000087 support level, they might potentially reach the $0.000006 and $0.000004 levels.
Key Levels:
Supply level: $0.000136, $0.000196, $0.000330
Demand level: $0.000087, $0.000006, $0.000004
SPONGEUSDT Medium-term Trend: Bullish
Sponge is bullish on the long-term outlook. Due to the bearish trend, the price had to test the $0.000087 barrier level on July 27. It backed off to keep the required level of support. The following day, there was more seller pressure, and the price dropped to a low of $0.000087. The double bottom chart pattern was created as a result of this situation. The price spiked and broke through the $0.000136 threshold. It withdrew as a result of sellers’ pressure. If additional bullish candles form, the sponge will undoubtedly rocket even higher and may perhaps reach its record high of $0.000196.
The fact that Sponge is currently trading above both the 9-period EMA and the 21-period EMA serves as evidence that Bulls are currently in control of the Sponge market. If the bulls hold onto the $0.000087 support level, the price will climb and reach the resistance levels of $0.000136, $0.000196, and $0.000330. If the bears break through the $0.000087 support level, they might potentially reach the $0.000006 and $0.000004 levels.
SPONGEUSDT Medium-term Trend: Bullish
SPONGEUSDT is on the bullish movement on the 4-hour chart. The formation of the double bottom chart pattern was recently completed by the price pressure from buyers, and the sponge recently broke past the resistance level of $0.000136. The price may rise to the resistance level of $0.000196 as a result of increased bullish pressure. Prices on the north side could rise now that buyers are in command.
Both the 21- and 9-period EMAs are currently above the price of a sponge. A bullish signal is visible at level 50 on the signal line for the Relative Strength Index period 14.
Watch this space for additional developments soon!
Hello #SPONGERS!!! 🧽🎉
The $SPONGE #Airdrop Season 1 will be ending in November⏳💰
Make sure to join and enjoy the rewards whilst you still can🤑✨
Stay tuned for more updates coming soon! 📢
🧽Keep calm and absorb the damp with #SPONGE!🌊https://t.co/lzRhjW4oLL pic.twitter.com/PHqjA0QaNP
— $SPONGE (@spongeoneth) September 12, 2023
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