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Bulls’ momentum increases
Sponge Price Analysis – 18 January
If the price breaks over the $0.000886 barrier level and encounters resistance at $0.00100 and $0.00115, the bulls might be able to maintain their advantage in the market. Sponge may drop to the support levels of $0.000695, $0.000577, and $0.000498 if the $0.000886 level holds.
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
The daily SPONGEUSDT chart is bullish. The triple bottom chart pattern, which developed at the $0.000356 support level, is detrimental to bears. This causes the coin to rise northward like an eagle. Price broke over the previous resistance levels of $0.000498, $0.000577, and $0.000695, rising to the top of the $0.000886 resistance level. It withdraws to try again hitting the broken $0.000577 level. At this point, it’s approaching the prior high of $0.000886.
Following the pullback, buyers are returning to the SPONGE market. A bullish trend is indicated by the indicator’s upward trajectory and the price’s trading above the Hull Suite signal. If the price breaks over the $0.000886 barrier level and encounters resistance at $0.00100 and $0.00115, the bulls might be able to maintain their advantage in the market. The price may drop to the support levels of $0.000695, $0.000577, and $0.000498 if the $0.000886 level holds.
SPONGEUSDT medium-term Trend: Bullish
SPONGEUSDT 4-hour chart is trending upward. The medium-term trend is still positive even though the pressure on the bulls is continuously increasing. When resistance levels like $0.000498, $0.000577, and $0.000695 collapse, the $0.000886 resistance level is put to the test. The price is staying at the previously mentioned level and moving back toward the $0.000886 high from earlier.
There is a strong momentum market because the price is above the Hull Suite indication. The market is favorable because the currency pair is trading above the indicator. When the QQE MOD indicator is greater than zero, a purchase signal is displayed.
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— $SPONGE (@spongeoneth) January 18, 2024
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