Sponge (SPONGEUSDT) Pulls Back Before Bullish Trend Continuation

Bulls’ momentum will continue to increase in Sponge market

SPONGEUSDT Price Analysis – 09 August

Sponge will pass through the $0.000196 and $0.000330 resistance levels if the bulls exert more pressure and break up $0.000136 level

Key Levels:

Supply level: $0.000136, $0.000196, $0.000330

Demand level: $0.000093, $0.000006, $0.000004

SPONGEUSDT Medium-term Trend: Bullish

SPONGEUSDT is in a bullish trend in its long-term outlook. Last week’s price decrease toward the level of support $0.000093 was followed by a release of the strong negative pressure. The price closed the day higher after failing in its effort to break lower beneath the highlighted support level. More buyers joined the market under increasing pressure as a result of the formation of bullish candles and the upward break of the previous resistance level of $0.000136.

Yesterday, the price formed a bullish candle on the daily time frame, suggesting that it will continue rising and test the $0.000196 resistance level. Sponge will pass through the $0.000196 and $0.000330 resistance levels if the bulls exert more pressure and break up $0.000136 level. Period 14’s relative strength index is higher than level 40 on the daily chart, indicating that this week is most likely to witness more positive activity.

SPONGEUSDT Price Medium-term Trend: Bullish

The cryptocurrency on the medium term is bullish. Indicating that bulls were taking control of the market, the price rose as more bullish candles formed and it passed over the 9 and 21-day EMAs at the same time. Sponge is rising above the $0.000136 resistance level and moving toward the $0.000196 resistance level. As more bullish candles are forming, the medium-term outlook for the coin is positive above the channel.

The signal lines of the Relative Strength Index Period 14 on the 4-hour chart are heading north, indicating an increase in price, and are at 41 levels.

Watch it move.

Look at it go…🚀 pic.twitter.com/XRNSF3DfRG

— $SPONGE (@spongeoneth) August 9, 2023

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