Buyers are exerting pressure in Sponge market
SPONGEUSDT Price Analysis – 09 February
The bulls could get as high as $0.000996 and $0.001158 if they can overcome the resistance level of $0.000886. SPONGEUSDT may reverse and return to the support levels around $0.000697, $0.000580, and $0.000500 if the resistance level at $0.000886 holds.
Sponge/USD Market
Key levels:
Resistance levels: $0.000886, $0.000996, $0.001158
Support levels: $0.000697, $0.000580, $0.000500
SPONGEUSDT Long-term Trend: Bullish
On the daily chart, SPONGEUSDT is bullish. On January 24, the price peaked at $0.001158 due to the zeal of the bulls. The price was unable to move past the identified resistance level. This suggests that the SPONGEUSDT market’s previously mentioned level is significant. Last week, money was taken out to attract additional investors. As the market moved, the bears gained ground. The market is under the buyers’ grip when the daily candle closes above the $0.000886 threshold.
The Hull suite indicator continues to show a rising trend because it is above the price. It is clear that the price is growing because it is currently trading much over the suggested threshold. The bulls could get as high as $0.000996 and $0.001158 if they can overcome the resistance level of $0.000886. The price may reverse and return to the support levels around $0.000697, $0.000580, and $0.000500 if the resistance level at $0.000886 holds.
SPONGEUSDT Medium-term Trend: Bullish
The 4-hour chart of SPONGEUSDT is climbing. The 4-hour chart’s price action has produced a double bottom formation near the $0.000500 support level. Following the initial breakdown at $0.000557, the price increased. The price is rising to retest the level that was broken. The price is currently attempting to break through the $0.000886 barrier.
The price of the Crypto signal indicates that the Hull Suite indication is greater than the current price. When the QQE MOD is larger than zero, the blue signal line indicates a purchase.
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— $SPONGE (@spongeoneth) February 9, 2024
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