Sponge price is increasing
Sponge Weekly Price Analysis – November 30
Sponge has the potential to breach the $0.000330 barrier and reach the $0.000402 resistance level if the bulls’ momentum increases. If the $0.000330 level persists, the price may reverse and face the support levels at $0.000196, $0.000196, and $0.000136.
SPONGEUSDT Market
Key levels:
Resistance levels: $0.000330, $0.000402, $0.000502
Support levels: $0.000196, $0.000169, $0.000136
SPONGEUSDT Long-term Trend: Bullish
Based on the daily chart projection, Sponge is bullish; the bears control the coin for a significant period of time. The bearish momentum at the $0.000136 support level caused the price to bottom. As the bullish engulfing candle emerges, the market surges above the $0.000169 and $0.000196 price levels. The objective for the sponge price prior to the weekly market closing is the resistance level of $0.000330.
After breaking above both EMAs on the upside, the sponge price is currently trading above both the fast-moving average (9) and the slow-moving average (21 periods EMA). The price has the potential to breach the $0.000330 barrier and reach the $0.000402 resistance level if the bulls’ momentum increases. If the $0.000330 level persists, the price may reverse and face the support levels at $0.000196, $0.000196, and $0.000136.
SPONGEUSDT Medium-term Trend: Bullish
The 4-hour trend of the Sponge is bullish, suggesting that bulls are gaining ground in the sponge market. The price was being driven down to the $0.000136 support level by the bears last week. The target was reached before the bulls chopped off the bears. Price makes a turn and breaches the barrier level at $0.000196. The resistance level at $0.000330 is where the price is heading.
Sponge is trading above the 9- and 21-period moving averages (EMAs), suggesting that the market is in a favorable trend as the price has broken above the two EMAs. The relative strength index is rising at 54 levels, suggesting a buy signal.
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