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Bulls are exerting more pressure in Sponge market
In the case that the $0.000330 resistance level is broken higher, the price levels of $0.000402 and $0.000502 could be examined. If the resistance level at $0.000330 holds, then $0.000196, $0.000269, and $0.000136 provide support for bears.
SPONGE/USDT Market
Key levels:
Resistance levels: $0.000330, $0.000402, $0.000502
Support levels: $0.000196, $0.000269, $0.000136
SPONGEUSDT Long-term Trend: Bullish
SPONGEUSDT is bullish on the daily chart. The upward trend that began on October 28 helped the price to peak at $0.000196. The bulls were able to break above the indicated level as a bullish harami candle emerged. More positive candles were lit, and the SPONGE continued to rise. It broke over the upward $0.000196 barrier and is now facing the $0.000330 barrier.
Buyers are dominating the SPONGE market. As the price trades above both EMAs, the crossover of the fast-moving average (9 periods) over the slow-moving average (21 periods EMA) denotes a positive trend. The bullish momentum may continue as long as the bulls maintain their forward momentum. In the case that the $0.000330 resistance level is broken higher, the price levels of $0.000402 and $0.000502 could be examined. If the resistance level at $0.000330 holds, then $0.000196, $0.000269, and $0.000136 provide support for bears.
SPONGEUSDT medium-term Trend: Bullish
The 4-hour SPONGEUSDT chart is showing an increasing trend. The Sponge market was dominated by buyers last week. The bullish trend held over time as the pressure on the bulls mounted. The $0.000196 resistance level was tested and broken upside. The bulls’ enhanced capacity to exert pressure is causing the price to trend toward the $0.000330 resistance level.
A bullish market is suggested by the Crypto trading above the 9- and 21-period EMAs as well as the fast EMAs’ position above the slow EMAs. The relative strength index period 14 is at 57 levels, and the signal lines are bending upward to imply a buy signal.
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