Sponge (SPONGEUSDT): Pressure From Buyers Cause Price to Rise

Sponge is heading in the direction of the $0.000136 level

SPONGEUSDT Price Analysis – 04 August

SPONGE may be able to attack the $0.000196 and $0.000330 levels if the Bulls keep up their push and manage to break through the $0.000136 resistance level.

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 bullish on the long-term outlook. The positive energy was present in the sponge market. The price of the Sponge has been under pressure since May 28th. The demand for the coin decreased to $0.000093 on June 22. The price was reversed to test the $0.000136 resistance level, which was breached. The price increase was prevented from continuing because it had already exceeded the confluence at the predetermined level. The market is heading in the direction of the $0.000136 resistance level as the Bulls have resumed their movement.

The fact that SPONGE has begun to romance both the 9-period and 21-period EMAs suggests that the bullish momentum is intensifying. The relative strength index period 14 is at 45 levels and is trending north, indicating a buy signal. SPONGE may be able to attack the $0.000196 and $0.000330 levels if the Bulls keep up their push and manage to break through the $0.000136 resistance level.

SPONGEUSDT Short-term Trend: Bullish

SPONGE is bullish on the short-term outlook. Last week, Sponge is warming up. The bearish momentum on the sponge market disappeared immediately following the consolidation action. Its breakout to the north will be aided by the bulls’ strong momentum. The pressure from the buyers caused the coin to rise, showing an upward momentum.

Right now, the sponge price is rising and is trading above the 9-day and 21-day EMAs.  Given that the Relative Strength Index period 14 is at 47 levels and moving upward, Sponge might continue purchasing.

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— $SPONGE (@spongeoneth) August 4, 2023

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