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Sponge may reach its high of $0.000196
SPONGEUSDT Price Analysis – 07 September
Sponge will increase and hit the resistance levels of $0.000136, $0.000196, and $0.000330 if the bulls retain the $0.000087 support level. The $0.000006 support level and possibly the $0.000004 level might be reached by the bears if they break through the $0.000087 support level.
Key Levels:
Supply level: $0.000136, $0.000196, $0.000330
Demand level: $0.000087, $0.000006, $0.000004
SPONGEUSDT Medium-term Trend: Bullish
Sponge is bullish on the long-term outlook. The price had to attempt the $0.000087 barrier level on July 27 because to the negative trend. In an effort to maintain the specified support level, it retreated. Due to greater seller pressure the next day, the price fell to a low of $0.000087. This circumstance gave rise to the double-bottom chart pattern. Sponge increases and surpasses the $0.000136 barrier Yesterday. Due to pressure from sellers, it withdrew. If more bullish candles appear, Sponge will probably soar further higher and might perhaps hit its all-time high of $0.000196.
Bulls are currently in charge of the sponge market, which is demonstrated by the fact that sponge is currently trading above both the 9-period EMA and the 21-period EMA. The price will increase and hit the resistance levels of $0.000136, $0.000196, and $0.000330 if the bulls retain the $0.000087 support level. The $0.000006 support level and possibly the $0.000004 level might be reached by the bears if they break through the $0.000087 support level.
SPONGEUSDT Medium-term Trend: Bullish
SPONGEUSDT is on the bullish movement on the 4-hour chart. The sellers recently increased their pressure on the price, disrupting the building double bottom chart pattern, and the sponge recently crossed through the last support level of the decline at $0.000136. Bullish pressure might intensify, driving the price up to the $0.000196 resistance level. Given that purchasers are now in charge, prices may increase on the north side.
The sponge price is currently above both the 21- and 9-period EMAs. The signal line for the Relative Strength Index period 14 shows a bullish signal at 51 levels.
You just have to hold it
#Hodl you must…💪🤣 pic.twitter.com/NTRYhJu5lQ
— $SPONGE (@spongeoneth) September 7, 2023
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