A bullish harami candle appeared in Sponge market
The price levels of $0.000330 and $0.000402 could be tested if the $0.000196 resistance level is broken higher. Should the $0.000196 resistance level hold, bears can find support at $0.000136, $0.000081, and $0.000006.
SPONGE/USDT Market
Key levels:
Resistance levels: $0.000196, $0.000330, $0.000402
Support levels: $0.000136, $0.000081, $0.000006
SPONGEUSDT Long-term Trend: Bullish
The daily SPONGEUSDT chart is bullish. The price reached a height of $0.000196 thanks to the increasing trend that started on October 28. A bullish harami candle appeared, allowing the bulls to break above the mentioned level. Additional affirmative candles were lighted, and the SPONGE kept rising. It is currently retracing to retest the $0.000136 level after breaking past the upward $0.000196 barrier.
In the SPONGE market, buyers are vying for supremacy. The crossover of the fast-moving average (9 periods) over the slow-moving average (21 periods EMA) indicates a positive trend when the price trades above both EMAs. As long as the bulls keep up their push, bullish momentum could continue. The Sponge price levels of $0.000330 and $0.000402 could be tested if the $0.000196 resistance level is broken higher. Should the $0.000196 resistance level hold, bears can find support at $0.000136, $0.000081, and $0.000006.
SPONGEUSDT medium-term Trend: Bullish
The SPONGEUSDT 4-hour chart is trending upward. Last week, buyers dominated the Sponge market. As the pressure on the bulls increased over time, the bullish trend persisted. Testing was done at the $0.000196 resistance level. The price is currently trending toward the $0.000196 resistance level as a result of the bulls’ increased ability to apply pressure.
The currency pair’s trading above the 9- and 21-period EMAs, as well as the fast EMAs’ position above the slow EMAs, suggest a bullish market. The signal lines are bending up to suggest a buy signal and the relative strength index period 14 is at 51 levels.
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