Sideways movement may continue in Sponge market

SPONGEUSDT Price Analysis – 18 April

A retreat in a trending market is unavoidable, but additional increases in sponge prices are typically anticipated. There is a possibility that SPONGEUSDT barrier at $0.000577 will be broken if the bulls work harder.

Key Levels:

Resistance levels: $0.000577, $0.000695, $0.000886

Support levels: $0.000500, $0.000455, $0.000400

SPONGEUSDT Long-term Trend: Bullish

The price of SPONGEUSDT keeps rising in the long run. In the sponge market, the Bulls were the best team. On March 15, the bullish trend peaked at $0.000577. The price crashed to $0.000455 when the Bears broke the uptrend. For almost eight days, the currency moved sideways, ranging from $0.000455 to $0.000500, suggesting that the momentum of the bulls and bears is almost equal. A bullish candle can form and break through the $0.000577 supply barrier. The sponge market ended yesterday with a bearish candle on the daily chart, indicating a decline in prices.

Based on the pricing approach used by Hull Suite Crypto signals, the currency is trading above the indicator, indicating a strong positive momentum in the Sponge market. In a similar vein, when the histogram signal line is above the 0 level, the QEE MOD shows the buy signal. A retreat in a trending market is unavoidable, but additional increases in sponge prices are typically anticipated. There is a possibility that the price barrier at $0.000577 will be broken if the bulls work harder.

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SPONGEUSDT Short-term Trend: bullish

Sponge finds hope in the intermediate future. For more than a week, Sponge’s price fluctuated between $0.000455 and $0.000500. The crypto jumped into the $0.000577 price range on March 15 as the Bulls broke through the $0.000500 barrier. The excitement of the bulls faded and the price began to stabilize at $0.000500.

Given that sponge pricing is above the Hull Suite indicator, it is clearly in the upward trend. The red signal line and level below zero on the QQE MOD indicator show that the sponge market is still consolidating.

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