Sponge Price Is Soaring Higher Towards $0.000136, Pullback Is Inevitable

 Buyers prevail over the sellers

SPONGE Price Analysis –  17 October

The price will reach $0.000196 and $0.000330 provided the resistance level of $0.000136 does not hold. In case the $0.000136 holds, the price may decrease to the support level at $0.000004 and $0.000006 if the $0.000087 level permits. Meanwhile, the relative strength index period 14 is at 61 levels displaying a bullish signal

SPONGEUSDT Market

Key Levels:

Resistance levels: $0.000136, $0.000196, $0.000330

Support levels: $0.000087, $0.000004, $0.000006

SPONGEUSDT Long-term Trend: Bullish

Sponge started a bullish movement on 07 August after several days of consolidation; this is clearly noticed when the long daily bullish candle emerges that breaks up the resistance level of $0.000136. More bullish candles continue to emerge and the price inclines towards the $0.000196 price level. It pulled back to retest previous low at $0.000087. SPONGEUSDT is soaring higher today with the formation of a strong daily bullish candle, targeting the $0.000136 resistance level.

The daily chart has shown that buyers are dominating the market. The price has crossed over the 9 periods EMA and 21 periods EMA upside and the former EMA is above the latter confirming the beginning of a bullish trend. The price will reach $0.000196 and $0.000330 provided the resistance level of $0.000136 does not hold. In case the $0.000136 holds, the price may decrease to the support level at $0.000004 and $0.000006 if the $0.000087 level permits. Meanwhile, the relative strength index period 14 is at 61 levels displaying a bullish signal

SPONGEUSDT Medium-term Trend: Bullish

Sponge’s performance has been very high in the medium-term outlook this may be due to persistent pressure from the buyers of Sponge. In other words, the price actions are in an upward trend after it breaks out at the $0.000087 price level. The market is moving higher and this may continue unless there is strong opposition from the bears or the resistance level at $0.000136 holds.

The positive spike could test the important resistance of $0.000136, and $0.000330. Further push by the Bulls may bring the coin to the high resistance level of $0.000330. The RSI (14) moves into the oversold zone and the signal line points up to indicate the buy signal.

You are familiar with the procedure!

You know the drill! 🔥🧽🧽🧽#SPONGE #Web3 #Trading #Alts pic.twitter.com/K4bCfP1QlT

— $SPONGE (@spongeoneth) October 17, 2023

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