Sponge Price: After Retracement, Bulls Will Dominate Market

Sponge price increase is interrupted by bears

Sponge Price Analysis: 20 February

Sponge may rise toward the $0.000457 and $0.000582 barrier levels if buyers are successful in pushing the price past the $0.000358 resistance level. If the $0.000358 resistance level holds, the price can drop into the support levels of $0.000252, $0.000195, and $0.000148.

Key Levels:

Resistance Levels: $0.000358, $0.000457, $0.000582

Support Levels: $0.000252, $0.000195, $0.000148

SPONGEUSDT Long-term Trend: Bullish

Sponge’s daily chart is trending upward. A strong bearish trend caused the currency to fall as low as $ 0.000457 on January 27. The price increased as a result of the bulls’ ability to hold onto the previously mentioned level and overcome resistance at $0.000582 and $0.000886. On February 3, it tested the $0.000697 resistance level before retreating to look at the $0.000582 support level. Because of low purchasing pressure that could not break over the $0.000697 barrier last week, the coin was able to reach the $0.000252 support level.

Sponge market could be in the hands of bulls by next week. Sponge prices are increasing over the level of dynamic resistance. The coin is trading above the Hull Suite crypto indicator. The price may rise toward the $0.000457 and $0.000582 barrier levels if buyers are successful in pushing the price past the $0.000358 resistance level. If the $0.000358 resistance level holds, the price can drop into the support levels of $0.000252, $0.000195, and $0.000148. It would make sense to sell given that the QQE MOD is higher than zero.

SPONGEUSDT Price Medium-term Trend: Bullish

The 4-hour chart for Sponge is going upward. As the price began to approach the $0.000582 resistance level, the negative trend will come to a halt. The price will move further north as the bulls gain momentum. On the upside, the $0.000697 resistance level is yet to be broken.

The objective could be the resistance level at $0.000886, given the recent price decline. The sponge market price, which is currently trading just below both the Hull Suite signal, indicates negative momentum. The QQE MOD indicates a sell signal.

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— $SPONGE (@spongeoneth) February 18, 2024

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