The coin is soaring towards the $0.000358 level
SPONGEUSDT Price Analysis – 22 February
Should the $0.000358 resistance level hold, the price may reverse and face the support level at $0.000252, further increase in the bears’ pressure may push down the price to $0.000195 and $0.000148. The QQE MOD is pointing up above zero levels to indicate a buy signal.
SPONGE/USD Market
Key levels:
Resistance levels: $0.000358, $0.000457, $0.000582
Support levels: $0.000252, $0.000195, $0.000148
SPONGEUSDT Long-term trend: Bullish
On the long-term outlook, SPONGEUSDT is bullish. The bulls are strongly holding tight to the Sponge market ever since the price action of the SPONGEUSDT broke out of the $0.000148 level on January 05. The strong and massive daily bullish candles are produced. The bullish engulfing candle triggers the bullish movement. The former resistance level at $0.000148, $0.000195 and $0.000252 was penetrated upside and the price soars above the former resistance level of $0.000252.
The Hull Suite is close to the price and the price is trading below it at a close indicating strong bullish momentum. Further increase in the bulls’ momentum will increase the price above the resistance level of $0.000358; above it are $0.000457 and $0.000582 resistance levels. Should the $0.000358 resistance level hold, the price may reverse and face the support level at $0.000252, further increase in the bears’ pressure may push down the price to $0.000195 and $0.000148. The QQE MOD is pointing up above zero levels to indicate a buy signal.
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SPONGEUSDT medium-term Trend: Bullish
SPONGEUSDT is on a bullish performance on the medium-term outlook. The bulls pushed up the coin to break up $0.000148 and increase towards the resistance level of $0.000358, it pulled back as a normal phenomenon of a trending market. The $0.000252 level was penetrated and the coin soared above the mentioned level.
The coin is trading above the Hull Suite Crypto signals indicator which indicates that the bulls’ momentum is strong. The QQE MOD is above zero levels and the histogram line points up to indicate a strong buy signal.
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— $SPONGE (@spongeoneth) February 21, 2024
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