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Buyers’ pressure increase
Sponge Price Analysis – 16 January
As long sponge breaks over the $0.000886 barrier level and encounters resistance levels at $0.00100 and $0.00115, the bulls might be able to maintain their dominant position in the market. Should the $0.000886 level prove to be unbreakable, the price might drop down to the $0.000695, $0.000577, and $0.000498 support levels.
Sponge/USD Market
Key levels:
Resistance levels: $0.000886, $0.00100, $0.00115
Support levels: $0.000695, $0.000577, $0.000498
SPONGEUSDT Long-term Trend: Bullish
On the daily chart, SPONGEUSDT is bullish. The triple bottom chart pattern, which was created at the $0.000356 support level, affects the bulls. This is what sets off the coin’s eagle-like ascent towards the north. The price broke through the previous resistance levels of $0.000498, $0.000577, and $0.000695, rising to the high of the $0.000886 resistance level. To retest the broken level of $0.000577, it retreats. It is currently approaching the $0.000886 mark, which was the previous high.
Following the retreat, buyers are entering the SPONGE market once more. The price is trading above the Hull Suite signal, indicating a bullish trend, and the indicator is pointing upward. As long as Sponge breaks over the $0.000886 barrier level and encounters resistance levels at $0.00100 and $0.00115, the bulls might be able to maintain their dominant position in the market. Should the $0.000886 level prove to be unbreakable, the price might drop down to the $0.000695, $0.000577, and $0.000498 support levels.
SPONGEUSDT medium-term Trend: Bullish
SPONGEUSDT’s 4-hour chart shows bullishness. The medium-term trend remains bullish as pressure on the bulls builds steadily. Following the breakup of resistance levels like $0.000498, $0.000577, and $0.000695, the resistance level of $0.000886 is tested. The price is rising toward the previous high at $0.000886 and is holding the previously mentioned level.
The Hull Suite indicator, which shows a strong momentum market, is below the price. The market is positive as the currency pair is trading above the indicator. When the QQE MOD indicator is above zero, a purchase signal is shown.
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— $SPONGE (@spongeoneth) January 16, 2024
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