Bulls are pushing higher
SPONGE Price Analysis – 20 October
The upward advance could aim to test the significant resistance of $0.000136 and $0.000330. With one more push from the bulls, SPONGEUSDT might reach the high resistance level of $0.000330
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
Following a few days of stability, on August 7, Sponge started to go higher. When the extended daily bullish candle emerges and breaches the $0.000136 resistance level, this becomes clear. Price goes closer to the $0.000196 price level as additional bullish candles emerge. It dropped down to the previous low of $0.000087. Sponge is aiming for the $0.000136 resistance level as it surges higher today thanks to the emergence of a strong daily bullish candle.
The daily chart shows that buyers are in control of the market. A bullish trend has begun as the price has crossed above the 9- and 21-period moving averages (EMAs), with the former above the latter. The price will rise to $0.000196 and $0.000330 if the resistance level at $0.000136 is breached. In the case that the $0.000136 level holds, the price may drop to the support levels at $0.000004 and $0.000006 if the $0.000087 level permits. Meanwhile, the relative strength index period 14 at 47 levels provides a bullish indication.
SPONGEUSDT Medium-term Trend: Bullish
Sponge has done remarkably well in the medium run; this might be the result of constant demand from Sponge’s clients. Said another way, the price actions are trending upward since the breakthrough of the $0.000087 price level. The market is gaining, and until the bulls mount a significant barrier or the $0.000136 resistance level holds, this trend could continue.
The upward advance could aim to test the significant resistance of $0.000136 and $0.000330. With one more push from the bulls, the coin might reach the high resistance level of $0.000330. The RSI (14) entering the oversold zone and the signal line rising both point to a buy signal.
The deadline for entries is October 30, 2023.
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— $SPONGE (@spongeoneth) October 20, 2023
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