Sponge (SPONGEUSDT): Pressure from Buyers Pointing to $0.000262 Level

SPONGEUSDT market is once again seeing bulls’ move

SPONGEUSDT Price Analysis – 07 December

SPONGEUSDT might be able to breach the $0.000262 level and go on the assault toward the $0.000330 and $0.000402 levels if the Bulls keep up their momentum.

Key Levels:

Resistance levels: $0.000262, $0.000330, $0.000402

Support levels: $0.000196, $0.000169, $0.000136

SPONGEUSDT Medium-term Trend: Bullish

On the long-term outlook, SPONGEUSDT is bullish. The market for sponges had a positive spark. Since November 20th, there has been a downward pressure on the cryptocurrency. Later, the coin’s demand fell to $0.000136. There was a price retracement to test the $0.000169 resistance level that was broken. The price had already surpassed the confluence at the predetermined level, making further price growth possible. The Bulls have started moving again, and the price is moving toward the $0.000262 resistance level.

The fact that SPONGE is currently surrounding the exponential moving averages (EMAs) with periods of both nine and twenty-one shows that the bullish momentum is growing. The relative strength index period 14 is at 52 levels and pointing north, which indicates a buy signal. SPONGE might be able to breach the $0.000262 resistance level and go on the assault toward the $0.000330 and $0.000402 levels if the Bulls keep up their momentum.

SPONGEUSDT Short-term Trend: Bullish

In the near run, SPONGE is optimistic. The week before, Sponge was getting ready. The bearish momentum on the sponge market disappeared right after the consolidation action. The bulls’ strong momentum will help it break out to the north. The demand from buyers caused the coin to rise, signaling an upward momentum.

Right now, the sponge price is rising toward $0.000262 level and trading above the 21-day and 9-day moving averages.  Given that the Relative Strength Index period 14 is rising and is at 52 levels, Sponge may continue to buy.

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