SPONGEUSDT Price: Bulls Are Currently Gaining More Pressure

Bulls’ pressure increases on SPONGEUSDT market

SPONGEUSDT Price Analysis – 22 August

Bulls can push Sponge higher after a retreat by breaching the $0.000136 resistance level; they may then reach the $0.000196 and $0.000330 levels. Bulls are currently defending $0.000093 level and moving north.

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. When the bullish morning star chart pattern emerged, the price increased and approached the $0.000196 resistance level. When the price fell, the previous, weak level of support was contacted. The bulls are currently defending the $0.000093 level and moving north.

Bulls can push Sponge higher after a retreat by breaching the $0.000136 resistance level; they may then reach the $0.000196 and $0.000330 levels. The price may turn around and hit the $0.000093, $0.000004, and $0.000006 support levels if the bears are successful in holding the $0.000136 level. Because the two dynamic levels are so near to one another, the 9-period exponential moving average is attempting to cross the 21-period EMA higher to generate bullish momentum.

SPONGEUSDT Medium-term Trend: Bullish

On the 4-hour chart, the sponge is bullish. As the target price of $0.000136 approaches, the price is rising. The bears drove Sponge below the $0.000093 support level. On August 8, the bulls’ resistance to the price drop caused the $0.000136 resistance level to be tested. The price is continuing to rise.

A strong momentum is developing as SPONGEUSDT trades above the two EMAs and strives to cross the 21-period EMAs to the upside. The bulls’ momentum is gaining strength day by day. A period 14 relative strength index that is bending up at level 44 is displaying a buy signal.

Is that really how it is?

It really be like that… 😄😂👌 pic.twitter.com/BD6TxOoaQT

— $SPONGE (@spongeoneth) August 19, 2023

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