SPONGE (SPONGEUSDT) Price: Bullish Movement Continues After a Pullback

Buyers are returning with strong force

Bullish movement may continue as long as the bulls maintain their pressure in Sponge market, the price levels of $0.000330 and $0.000402 may be tested if $0.000196 resistance level is broken upside. In case the resistance level of $0.000196 holds, bears may find support levels 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

SPONGEUSDT is bullish on the daily chart. The bullish trend that commenced on October 28 has pushed the price to the high of $0.000196. The mentioned level was penetrated by the bulls with the formation of a bullish harami candle. More bullish candles were produced and the Sponge continued a bullish movement. It has crossed the $0.000196 level upside and it is currently pulling back to retest $0.000136 level.

Buyers are trying to dominate SPONGE market. The fast-moving Moving Average (9 periods) has crossed the slow-moving Moving Average (21 periods EMA) and the price is trading above the two EMAs which indicates a bullish movement. Bullish movement may continue as long as the bulls maintain their pressure, the price levels of $0.000330 and $0.000402 may be tested, if the $0.000196 resistance level is broken upside. In case the resistance level of $0.000196 holds, bears may find support levels at $0.000136, $0.000081, and $0.000006.

SPONGEUSDT medium-term Trend: Bullish

SPONGEUSDT is bullish in the 4-hour chart. The buyers dominated the Sponge market last week. The bullish trend continued as the bulls were steadily gaining more pressure. The resistance level of $0.000196 was tested. The bulls were able to gain more pressure and the price is inclining towards the resistance level of $0.000196 at the moment.

The fast EMAs is crossing the slow EMA upside and the currency pair is trading above the 9 periods EMA and 21 periods EMA which indicates a bullish market. The relative strength index period 14 is at 44 levels and the signal lines bend up to indicate buy signal.

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