The bulls are increasing in Sponge market
SPONGEUSDT Price Analysis – 16 May
When the price overcomes the $0.00065 resistance level, which is followed by the $0.00087 and $0.00098 barrier levels, bullish momentum will increase. The increased push of the bulls may cause the price to move above $0.00098.
SPONGEUSDT Market
Key levels:
Resistance levels: $0.00065, $0.00087, $0.00098
Support levels: $0.00038, $0.000092, $0.0004
SPONGEUSDT Long-term Trend: Bullish
SPONGEUSDT is bullish at the moment on the daily chart. To encourage more purchasers to purchase the coin, Sponge has been lowered to the previously established amount of $0.00038. A few days ago, the coin’s price fluctuated between the $0.00038 support and $0.00065 resistance levels. The bulls eventually succeeded in breaking over the marked resistance level. Thanks to the bulls’ enthusiasm, the price rose to the $0.0098 resistance level on May 7.
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Investor interest in Sponge is growing, which is causing the price to inch closer to $0.00065. The price is attempting to break above the 9-period and 21-period moving averages, indicating increasing bullish pressure. When the price overcomes the $0.00065 resistance level, which is followed by the $0.00087 and $0.00098 barrier levels, bullish momentum will increase. The increased push of the bulls may cause the price to move above $0.00098.
SPONGEUSDT medium-term Trend: Bullish
In the smaller time frame, SPONGEUSDT is bullish. The price of the Sponge is rising due to the growing number of buyers. On May 7, the price movement tested the $0.00098 resistance level before retracing to the $0.00065 support level. Because there were more buyers, the support level of $0.00038 couldn’t be broken. The market is currently heading upward toward $0.00065 as the bulls take control. This is the right time to invest.
The relative strength index period 14 with the signal lines above 44 exhibits buy signal.
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— $SPONGE (@spongeoneth) May 12, 2023
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