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Sponge market is receiving a bullish pressure
SPONGEUSDT Price Analysis – 13 September
As the bulls are holding the $0.000087 support level, Sponge will rise and crest the $0.000136, $0.000196, and $0.000330 resistance levels. The $0.000006 and $0.000004 levels could be reached if the bears 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
Buyers’ momentum increases on the daily time frame. Today, bulls’ strength has increased, and the price has increased as well. Sponge had to test the $0.000087 support level on July 27 because of the bearish trend. In an effort to maintain the necessary level of support, it pulled back. More sellers’ pressure resulted in a price decrease the following day, which brought it to a low of $0.000087. This circumstance gave rise to the double-bottom chart pattern. The price increased sharply and passed the $0.000136 barrier. Due to pressure from the sellers, it withdrew. More bullish candles are appearing, the sponge will unquestionably soar higher and might perhaps reach 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 presently trading above both the 9-period EMA and the 21-period EMA. As the bulls hold the $0.000087 support level, the price will rise and crest the $0.000136, $0.000196, and $0.000330 resistance levels. The $0.000006 and $0.000004 levels could be reached if the bears break through the $0.000087 support level.
SPONGEUSDT Medium-term Trend: Bullish
SPONGEUSDT is moving upward on the 4-hour chart. The Coin is bouncing up from the support level of $0.000087 as more bullish candles emerge. The pressure from buyers, on the sponge market will break up the resistance level of $0.000136. The price may rise to the resistance level of $0.000196 as a result of increased bullish pressure.
Both the 21- and 9-period EMAs are currently below the price of sponge. A positive signal may be seen at level 54 on the signal line for the Relative Strength Index period 14.
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— $SPONGE (@spongeoneth) September 13, 2023
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