Sponge (SPONGEUSDT) Price: Current Strong Resistance Levels May Become Support Level

Azeez Mustapha


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Bulls are struggling to push up Sponge

SPONGEUSDT Price Analysis – 29 December

If Sponge breaks above $0.000330, bullish momentum will pick up speed and test the $0.000402 and $0.000502 barrier levels. Moreover, a more robust bullish rise might push the price beyond $0.000330.


Key levels:

Resistance levels: $0.000330, $0.000402, $0.000502

Support levels: $0.000262, $0.000196, $0.000136

SPONGEUSDT Long-term Trend: Bullish

SPONGEUSDT daily chart is now showing promise for the future. The sponge market was heading back to its previous low of $0.000136 three days ago, which presents an opportunity for businesses and individuals to make bets given the adverse trend. Sponge will eventually rise back to its previous top due to positive pressure. We expect the current strong resistance levels to become support levels following a bullish breakout at the $0.000262 level. It’s still feasible to surpass the prior high of $0.000330.

The price has dropped below $0.000330 due to today’s decline, suggesting a price retracement. The 9- and 21-period moving averages are somewhat below the current price. If price breaks above $0.000330, bullish momentum will pick up speed and test the $0.000402 and $0.000502 barrier levels. Moreover, a more robust bullish rise might push the price beyond $0.000330.

SPONGEUSDT medium-term Trend: Bullish

SPONGEUSDT is up for a shorter period of time. Sponge’s price will go up in response to a rise in clients. On December 14, the price movement tested the $0.000330 resistance level before retreating to the $0.000136 support level. The $0.000136 support level did not change despite changes in sales. The bulls are applying pressure, and the market is rising approaching the $0.000330 threshold.

The relative strength index period 14 signal lines above 51 indicate a buy signal.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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