Sponge (SPONGEUSDT): Rising Bullish Pressure May Push Price to $0.000196 Barrier Level

Azeez Mustapha

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Bullish pressure increases in Sponge market

SPONGEUSDT Price Analysis – 14 September

Sponge will climb and crest the $0.000136, $0.000196, and $0.000330 resistance levels as long as the bulls are able to retain the $0.000087 support level. If the bears breach the $0.000087 support level, they may go on to the $0.000006 and $0.000004 levels.

Key Levels:

Supply level: $0.000136, $0.000196, $0.000330

Demand level: $0.000087, $0.000006, $0.000004

SPONGEUSDT Medium-term Trend: Bullish

On a daily time period, the buying vigor grows. Bulls are stronger today, and prices are rising as well.  The bearish trend forced the price to challenge the $0.000087 support level on July 27. It drew back, trying to retain the proper degree of support. Sponge dropped the following day under additional seller pressure, reaching a low of $0.000087. The double bottom chart pattern was created as a result of this situation. The price shot up and over the $0.000136 threshold. It withdrew as a result of sellers’ pressure. As more bullish candles form, the sponge will undoubtedly rise even higher and may perhaps hit its all-time high of $0.000196.

The fact that the sponge is currently trading above both the 9-period EMA and the 21-period EMA serves as evidence that Bulls are currently in control of the sponge market. The price will climb and crest the $0.000136, $0.000196, and $0.000330 resistance levels as long as the bulls are able to retain the $0.000087 support level. If the bears breach the $0.000087 support level, they may go on to the $0.000006 and $0.000004 levels.

SPONGEUSDT Medium-term Trend: Bullish

On the 4-hour chart, SPONGEUSDT is advancing. As more bullish candles appear, the Coin is rising from the $0.000087 support level. Buyers’ pressure on the sponge market will cause the resistance level of $0.000136 to be broken. Rising bullish pressure may cause the price to ascend to the $0.000196 barrier level.

The sponge price is currently below both the 21- and 9-period EMAs. On the signal line for the Relative Strength Index period 14, level 54 represents a favorable signal.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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