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Bulls are controlling Sponge market
SPONGE (SPONGEUSDT) Price Analysis – 12 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
The cost of sponges is anticipated to rise. The previous month wasn’t good for The Sponge. The market lost ground and finished lower as the $0.000081 support level was broken. Sponge’s price increased approaching $0.000196 on August 7 after breaking past a confluence at the resistance level of $0.000136. The recently highlighted level was not broken by the bullish advance. The cost was reduced in order to attract more investors. The sponge is currently moving in the direction of the $0.000136 resistance level.
Sponge is currently trading higher than both the 9- and 21-period moving averages. The cryptocurrency’s price rose and stayed above the two EMAs. It is clear that the bulls are in control of the market because the two EMAs are bending in the direction of price movement. The signal lines’ upward bending and the relative strength index’s level of 44 for period 14 both show that the bulls are in control of the market.
Sponge is moving near to the $0.000136 resistance level, which the Bulls could break if they acquire more momentum, even though a correction is unavoidable. The price may momentarily consolidate if the momentum of the Bulls dwindles.
SPONGEUSDTUSD Short-term Trend: Bullish
For SPONGEUSDT, a short-term positive trend is predicted. The Bulls are still making progress, according to the 4-hour chart. A rise in bullish momentum caused the earlier 9-period and 21-period EMA dynamic resistance levels to be broken. The coin is currently coming close to the $0.000136 resistance level.
As the 9-period EMA passes the 21-period EMA higher, the coin is trading above the two EMAs. At level 19, the upward-pointing Relative Strength Index period 14 signal lines display a buy signal.
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— $SPONGE (@spongeoneth) October 11, 2023
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