SPONGEUSDT Price: Bulls Defend $0.000093 Level and Currently Moving Up

Bulls are dominating SPONGEUSDT market

SPONGEUSDT Price Analysis – 16 August

Bulls can push the price higher by breaking the $0.000136 resistance level after a retracement, perhaps reaching the $0.000196 and $0.000330 levels. Sponge may revert and hit the $0.000093, $0.000004, and $0.000006 support levels if the bears are able to hold the $0.000136 level

Key Levels:

Supply level: $0.000136, $0.000196, $0.000330

Demand level: $0.000093, $0.000004, $0.000006

SPONGEUSDT Long-term Trend: Bullish

Sponge is bullish on the daily chart. The coin found support at $0.000093 on June 22. The price increased to test the resistance level of $0.000196 when the bullish chart pattern known as the morning star formed. Sponge retreated and touched the previous low support level. Bulls defends the level and it is currently moving toward north.

Bulls can push the price higher by breaking the $0.000136 resistance level after a retracement, perhaps reaching the $0.000196 and $0.000330 levels. The price may revert and hit the $0.000093, $0.000004, and $0.000006 support levels if the bears are able to hold the $0.000136 level. Due to the proximity of the two dynamic levels to one another, the 9-period exponential moving average is aiming to cross the 21-period EMA upside in order to generate bullish momentum.

SPONGEUSDT Medium-term Trend: Bullish

Sponge is bullish on the 4-hour chart. The bears pushed the sponge down to the $0.000093 support level. The bulls fought the price decrease and pushed it up into the $0.000136 resistance level, which was tested on August 8. As the target price of $0.000136 approaches, the price is rising.

The momentum of the bulls is gradually increasing as SPONGEUSDT trades above the two EMAs, and the 9-period EMA is attempting to cross the 21-period EMAs. upside, to establish a bullish momentum. The relative strength index period 14 is bending up at 54 levels to indicate a buy signal.

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