Sponge (SPONGEUSDT) Rise in Direct Proportion to Consumers’ Demand

The quantity of bullish candles increase daily

SPONGE (SPONGEUSDT) Price Analysis – 24 October

In the Sponge market, the resistance levels of $0.000136, $0.000330, and $0.000330 could be the next targets if the $0.000081 level holds. Support levels of $0.000006 and $0.000004 can be examined in case the $0.000081 support level is breached below.

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 sees the future with optimism. Prices for sponges rise in direct proportion to consumer demand. On September 6, the resistance level at $0.000136 broke.  The quantity of bullish candles rose daily. At $0.000136, the price broke over a critical support level. Last two weeks, the price fluctuated within and outside of the stated resistance levels. In an effort to draw in additional investors, sellers stepped up their pressure and broke the level toward the conclusion of the week. Buyers are currently exerting more pressure to break through the $0.000136 barrier. Consumers are not yet worn out.

Sponge’s 21- and 9-period moving averages (EMAs) are being crossed, and the two EMAs that incline northward indicate that trade is active. The resistance levels of $0.000136, $0.000330, and $0.000330 could be the next targets if the $0.000081 level holds. Support levels of $0.000006 and $0.000004 can be examined in case the $0.000081 support level is breached below.

SPONGEUSDT Medium-term Trend: Bullish

Sponge’s 4-hour chart displays a bullish trend. The sellers’ actions did not have a detrimental effect on the market. It appears that pressure is still coming from the bulls at the previously noted resistance level. On October 14, strong bullish candles appeared, indicating that buyers are increasing their pace. Above $0.000136, the price will rise and trend toward $0.000196.

Given that the coin is trading above both EMAs, there is probably additional buying momentum. The period 14 signal line of the Relative Strength Index is rising at levels of 64, suggesting a buy signal.

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— $SPONGE (@spongeoneth) October 24, 2023

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