Buyers’ pressure increases
Sponge Price Analysis – 23 January
If the price breaks above the $0.000998 barrier level and encounters resistance in the range of $0.001158 to $0.001298, the bulls might be able to maintain their advantage in the market. The price may drop to the support levels of $0.000695 and $0.000577 if the $0.000886 level does not hold.
Sponge/USD Market
Key levels:
Resistance levels: $0.000998, $0.001158, $0.001298
Support levels: $0.000886, $0.000695, $0.000577
SPONGEUSDT Long-term Trend: Bullish
On the daily SPONGEUSDT chart, bullish. The triple bottom chart pattern, which appeared at the $0.000356 support level, is something bears should be cautious about. This causes the currency to soar northward like an eagle. The price broke past the previous resistance levels of $0.000886, $0.000998, and $0.001158, and then soared to the top of the $0.001298 barrier level. It withdraws in an effort to try again to attain the broken $0.000998 level. At this point, it’s approaching the previous high of $0.001298.
After the decline, buyers are starting to return to the SPONGE market. A bullish trend is indicated by the indicator’s upward trajectory and the price’s trading above the Hull Suite signal. If the price breaks above the $0.000998 barrier level and encounters resistance in the range of $0.001158 to $0.001298, the bulls might be able to maintain their advantage in the market. The price may drop to the support levels of $0.000695 and $0.000577 if the $0.000886 level does not hold.
SPONGEUSDT medium-term Trend: Bullish
The SPONGEUSDT 4-hour chart is trending upward. The medium-term trend remains strong, despite mounting pressure on the bulls. When resistance levels like $0.000998, $0.000577, and $0.001158 crumble, the $0.001298 resistance level is tested. The price is staying at the mentioned level and moving back toward the previous high of $0.001298.
The fact that the price is above the Hull Suite signal indicates that the market is experiencing strong momentum. The market is favorable since the currency pair is trading above the indicator. When the QQE MOD indicator is greater than zero, a purchase signal is displayed.
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