SPONGE (SPONGEUSDT) Price: Resistance Level of $0.000136 Will Be Broken Soon

Buyers are in control of Sponge market

SPONGE (SPONGEUSDT) Price Analysis – 05 October

Sponge is moving toward the $0.000136 resistance level, which could be broken if the Bulls gain more traction, but a retreat is unavoidable. If the momentum of the Bulls deteriorates, 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

On the medium term, the sponge price is optimistic. Last week, The Sponge was bearish. The market closed below the stated level after touching the $0.000081 support level. The confluence at the resistance level of $0.000136 was broken on August 7 by the price of the sponge, which then climbed in the direction of $0.000196. The bullish push failed to overcome the level that was just highlighted. Price reduction to draw in additional investors. The sponge is currently moving toward the $0.000136 resistance level.

 

The cryptocurrency gained momentum and kept trading above the two EMAs, which means it is currently trading above the 21-period and 9-period moving averages. The two EMAs are bending in the direction of the price movement, which shows that the bulls are in charge of the market. The signal lines are bending upward and the relative strength index period 14 is at 54 levels, indicating that the Bulls are in charge of the market.

Sponge is moving toward the $0.000136 resistance level, which could be broken if the Bulls gain more traction, but a retreat is unavoidable. If the momentum of the Bulls deteriorates, the price may briefly consolidate.

SPONGEUSDTUSD Short-term Trend: Bullish

The short-term forecast is bullish according to SPONGEUSDTUSD. On the 4-hour chart, the Bulls continue to go forward. The breaking of the prior dynamic resistance levels of 9 periods and 21 periods EMA was brought on by an increase in the bulls’ momentum. The resistance level of $0.000136 is where the cryptocurrency is now moving towards.

The coin is trading above the two EMAs as the 9-period EMA crosses the 21-period EMA upward. The signal lines on the Relative Strength Index period 14 are pointing upward and imply a buy signal at 57 levels.

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— $SPONGE (@spongeoneth) October 5, 2023

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