The bulls are dominating SpongeBob market
SPONGEUSDT Price Analysis – 10 May
An increase in the bulls’ momentum will make the SpongeBob break above the resistance level of $0.0012; above it are the $0.0014 and $0.0018 resistance levels. Further increase in the bulls’ pressure may push up the price to the $0.0018 level
SPONGEUSDT Market
Key levels:
Resistance levels: $0.0012, $0.0014, $0.0018
Support levels: $0.0007, $0.0005, $0.0004
SPONGEUSDT Long-term Trend: Bullish
SPONGEUSDT is bullish at the moment on the daily chart. The coin was range-bound within the resistance level of $0.0007 and support level of $0.0005 two weeks ago. The bulls made attempts and break up the resistance level of $0.0007 but later succeeded to break up the significant level. The bulls’ momentum was enough to push the price to the resistance level of $0.0018 on May 07. The price pulled back at the mentioned level in other to give the opportunity for more buyers to purchase the coin.
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The bulls’ momentum is increasing and the resistance level of $0.0012 is breaking up, heading toward $0.0014 price level. The price is trying to break above the 20 periods Moving Average and 50 periods Moving Average indicating an increase in the bulls’ pressure. Further increase in the bulls’ momentum will make the price to break above the resistance level of $0.0012; above it are $0.0014 and $0.0018 resistance levels. Further increase in the bulls’ pressure may push up the price to $0.0018 level. The signal line is crossing the MACD line upside to indicate buy signal.
SPONGEUSDT medium-term Trend: Bullish
SPONGEUSDT is bullish in the lower time frame. The price action tested the resistance level of $0.0018 on May 07, the price retraced towards the support level at $0.0007. The bearish pressure could not break down the level. The bulls are taking up the market and it is increasing at the moment towards $0.0012. This is to give opportunity for individuals and corporate to invest.
The histogram of the MACD is increasing above zero level and the signal lines is exhibiting buy.
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