Bulls increase their pressure
Further increase in the Sponge price is highly envisaged, in case the Bulls increase their pressure, $0.000577 price level may be reached but a pullback is inevitable in a trending market.
Key Levels:
Resistance levels: $0.000577, $0.000695, $0.000886
Support levels: $0.000500, $0.000455, $0.000400
SPONGEUSDT Long-term Trend: Bullish
SPONGEUSDT price is still on the bullish trend on the Long-term outlook. The Bulls were in control of the Sponge market. The bullish trend topped the price at $0.000577 level on March 15. The Bears interrupted the uptrend and the price was pushed down to the level of $0.000455. The momentum of both the Bears and the Bulls seems to be at equilibrium and the coin started a sideways movement for more than eight days within the range of $0.000455 and $0.000500 price level. A bullish candle may emerge that will break up the supply level of $0.000577. Sponge market was closed yesterday with a bullish candle on the daily chart; which connotes that there is a tendency for the price to increase further.
The Hull Suite Crypto signals‘ pricing methodology suggests that the coin is trading above the indicator that the bullish momentum is strong in the Sponge market. However, the QEE MOD with the histogram signal line above zero level indicates the buy signal. Further, increase in the Sponge price is highly envisaged, in case the Bulls increase their pressure, $0.000577 price level may be reached but a pullback is inevitable in a trending market.
SPONGEUSDT Short-term Trend: bullish
Sponge is bullish on the medium-term outlook. Sponge was moving sideways within the price levels of $0.000455 and $0.000500 for more than one week. On March 15, the Bulls broke up the $0.000500 level and the coin rallied toward the $0.000577 price level. The Bulls’ momentum became weak and the price started consolidating above $0.000500 level.
Sponge price is trading above the Hull Suite indicator which indicates a strong bullish trend. The QQE MOD indicator is below zero level with the signal line red in color connotes that consolidation is ongoing in the market of Sponge.
Another fantastic week of soaking up moisture
Another great week of damp absorption 🧽💦$SPONGE #SpongeV2 #MemeCoin pic.twitter.com/y45JTuWf78
— $SPONGE (@spongeoneth) March 24, 2024
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