Buyers are gaining momentum
As long as the bulls keep up their pressure, bullish movement could continue. If the $0.000196 resistance level is broken upside, Sponge levels of $0.000330 and $0.000402 could be tested. Support levels for bears could be seen at $0.000136, $0.000081, and $0.000006 if the resistance level of $0.000196 holds.
SPONGE/USDT Market
Key levels:
Resistance levels: $0.000196, $0.000330, $0.000402
Support levels: $0.000136, $0.000081, $0.000006
SPONGEUSDT Long-term Trend: Bullish
On the daily chart, SPONGEUSDT is bullish. The price has reached its peak of $0.000196 thanks to the positive trend that started on October 28. With the emergence of a bullish harami candle, the bulls were able to breach the indicated level. Additional bullish candles were lit, and the Sponge kept moving higher. It is currently retreating to retest the $0.000136 level after breaking over the upside $0.000196 barrier.
Purchasers are vying for control of the Sponge market. A bullish trend is indicated by the price trading above both EMAs, indicating that the fast-moving average (9 periods) has crossed over the slow-moving average (21 periods EMA). As long as the bulls keep up their pressure, bullish movement could continue. If the $0.000196 resistance level is broken upside, the price levels of $0.000330 and $0.000402 could be tested. Support levels for bears could be seen at $0.000136, $0.000081, and $0.000006 if the resistance level of $0.000196 holds.
SPONGEUSDT medium-term Trend: Bullish
SPONGEUSDT’s 4-hour chart shows bullishness. Last week, the Sponge market was dominated by buyers. As pressure on the bulls increased progressively, the bullish trend persisted. Testing was done at the $0.000196 resistance level. The price is currently leaning toward the $0.000196 resistance level as the bulls were able to apply further pressure.
The currency pair is trading above the 9- and 21-period EMAs, indicating a bullish market, and the fast EMAs are crossing the slow EMAs upside. The signal lines are bending up to signify a buy signal, and the relative strength index period 14 is at 51 levels.
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