Sponge (SPONGEUSDT) Price: Buyers Demonstrate an Increase in Momentum

Sponge is increasing towards $0.000136

SPONGE (SPONGEUSDT) Price Analysis – 16 October

Should the $0.000081 level hold, the resistance levels at $0.000136, $$0.000330, and $1,786 may be the targets. In case the support level of $0.000081 is penetrated downside, then, the support levels of $0.000006 and $0.000004 may be tested

SPONGEUSDT Market

Key levels:

Resistance levels: $0.000136, $0.000196, $$0.000330

Support levels: $0.000081, $0.000006, $0.000004

SPONGEUSDT Long-term Trend: Bullish

On the long-term outlook, Sponge is bullish. Buyers are yet to be tired. Sponge price increases as the buyers’ pressure increases. The resistance level of $0.000136 could not hold on September 6.  More daily bullish candles were produced. Sponge broke up at a significant price level at $0.000136. The price played around the mentioned resistance level last week. Towards the end of the week, sellers exerted more pressure and broke down the level to attract more investors. Currently, buyers are gaining more pressure and it is targeting the $0.000136 level.

The price is trading above the 9-period EMA and 21-period EMA with the two EMAs descending towards the north and as a sign of bullish movement in the Sponge market. Should the $0.000081 level hold, the resistance levels at $0.000136, $$0.000330, and $1,786 may be the targets. In case the support level of $0.000081 is penetrated downside, then, the support level of $0.000006 and $0.000004 may be tested

SPONGEUSDT Medium-term Trend: Bullish

A sponge is bullish in the 4-hour chart. The sellers’ interruption could not cause the price to experience a bearish reversal. It seems the bulls’ pressure is not yet exhausted at the mentioned resistance level. Buyers demonstrated an increase in momentum with the formation of strong bullish candles on 14 October. The resistance level of $0.000136 was broken upside, the price was increasing towards $0.000196.

The price is trading above the two EMAs which indicates that buyers are trading at increased momentum. The Relative Strength Index period 14 is at 65 levels with the signal line pointing upside to indicate a buy signal.

The results will be revealed on November 1st.

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