Sponge (SPONGEUSDT) Price: Sellers’ Interruption Unable to Cause Bearish Reversal

Bullish pressure increases in Sponge market

SPONGE (SPONGEUSDT) Price Analysis – 18 October

The resistance levels of $0.000136, $0.000330, and $1,786 may be the targets if the $0.000081 level holds. Support levels of $0.000006 and $0.000004 may be tested if the support level of $0.000081 is breached on the downside.

SPONGEUSDT Market

Key levels:

Resistance levels: $0.000136, $0.000196, $$0.000330

Support levels: $0.000081, $0.000006, $0.000004

SPONGEUSDT Long-term Trend: Bullish

Sponge has an optimistic outlook for the long run. Buyers are not yet worn out. The cost of sponges rises as consumer pressure does. On September 6, the resistance level of $0.000136 was unable to hold.  Daily bullish candles increased in number. At $0.000136 level, the price ruptured a critical price level. Last week, the price moved back and forth between the indicated resistance level. In an effort to draw in additional investors, sellers applied further pressure and broke the level toward the end of the week. Currently, buyers are applying greater pressure and are aiming for the level of $0.000136.

 With the two EMAs inclining towards the north and the price trading above both the 9-period and 21-period EMAs, this indicates positive activity in the Sponge market. The resistance levels of $0.000136, $0.000330, and $1,786 may be the targets if the $0.000081 level holds. Support levels of $0.000006 and $0.000004 may be tested if the support level of $0.000081 is breached on the downside.

SPONGEUSDT Medium-term Trend: Bullish

Sponge’s 4-hour chart indicates a bullish bias. The interruption of the sellers was unable to cause a bearish reversal in the market. At the aforementioned resistance level, it appears that the bulls’ pressure has not yet been spent. On October 14, powerful bullish candles formed, indicating that buyers are gaining pace. Price will rise above the barrier level of $0.000136 and headed toward $0.000196.

The fact that the price is trading above the two EMAs suggests that buyers are moving with greater momentum. The signal line on the Relative Strength Index period 14 is pointing upward to indicate a buy signal at 65 levels.

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— $SPONGE (@spongeoneth) October 18, 2023

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