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Buyers are increasing in Sponge market
SPONGE (SPONGEUSDT) Price Analysis – 11 October
Sponge is getting close to the $0.000136 resistance mark, which the Bulls could break if they gain additional traction. If the Bulls’ momentum wanes, the price may briefly consolidate.
Price Level:
Resistance Level: $0.000136, $0.000196, $0.000330
Support Level: $0.000081, $0.000006, $0.000004
SPONGEUSDT Long-Term Trend: Bullish
Sponge’s price is expected to increase. The month before was bearish for The Sponge. The $0.000081 support level was breached as the market lost ground and concluded lower. On August 7, the price of the sponge broke through the confluence at the resistance level of $0.000136, moving higher toward $0.000196. The bullish surge failed to cross the recently highlighted level. To draw in more investors, the price was lowered. The current direction of Sponge is toward the $0.000136 resistance level.
Currently, Sponge is trading above both the 9- and 21-period moving averages. The price of the cryptocurrency increased and remained above the two EMAs. Because the two EMAs are bending in the direction of price movement, it is obvious that the bulls are in charge of the market. Both the upward bending of the signal lines and the level of 44 for period 14 of the relative strength index indicate that the bulls are in charge of the market.
Although a retracement is inevitable, Sponge is getting close to the $0.000136 resistance mark, which the Bulls could break if they gain additional traction. If the Bulls’ momentum wanes, the price may briefly consolidate.
SPONGEUSDTUSD Short-term Trend: Bullish
A short-term bullish trend is forecast for SPONGEUSDT. The 4-hour chart shows that the Bulls are still moving forward. The earlier 9-period and 21-period EMA dynamic resistance levels were broken as a result of an increase in bullish momentum. As of right now, the coin is rising near the $0.000136 resistance level.
The coin is trading above the two EMAs as the 9-period EMA crosses the 21 period EMA higher. The Relative Strength Index period 14 upward-pointing signal lines show a buy signal at 28 levels.
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— $SPONGE (@spongeoneth) October 10, 2023
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