Buyers are gaining momentum
The bulls may continue to dominate the market as long as Sponge breaks up $0.000886 resistance level and the price will face the resistance levels of $0.00100 and $0.00115. The inability to break up the $0.000886 level may return the price to support levels at $0.000695, $0.000577, and $0.000498.
SPONGEUSDT Market
Key levels:
Resistance levels: $0.000886, $0.00100, $0.00115
Support levels: $0.000695, $0.000577, $0.000498
SPONGEUSDT Long-term Trend: Bullish
SPONGEUSDT is bullish on the daily chart. The bulls obey the effect of the triple bottom chart pattern formed at the support level of $0.000356. This is what triggers the soaring of the coin towards the north like an eagle. The former resistance levels of $0.000498, $0.000577, and $0.000695 were broken upside and the price reached the high of $0.000886 resistance level. It pulls back to retest the broken level of $0.000577. It is currently heading towards the previous high at $0.000886 level.
The buyers are returning to the SPONGE market after the pullback. The Hull Suite indicator is pointing upside and the price is trading above it which indicates a bullish trend. The bulls may continue to dominate the market as long as the price breaks up the $0.000886 resistance level and the price will face the resistance levels of $0.00100 and $0.00115. The inability to break up the $0.000886 level may return the price to support levels at $0.000695, $0.000577, and $0.000498.
SPONGEUSDT medium-term Trend: Bullish
SPONGEUSDT is bullish in the 4-hour chart. The bullish trend continues in the medium-term trend as the bulls are steadily gaining more pressure. The resistance level of $0.000886 is tested after breaking up resistance levels such as $0.000498, $0.000577, and $0.000695. The last mentioned level holds and the price is increasing towards the previous high at $0.000886.
The Hull Suite indicator is below the price indicating a high momentum market. The currency pair is trading above the mentioned indicator which indicates a bullish market. The QQE MOD indicator is above zero level indicating a buy signal.
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— $SPONGE (@spongeoneth) January 14, 2024
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