Sponge Price: More Bullish Candles Appear, Price Increases

Buyers are dominating over sellers

SPONGE Price Analysis – 19 October

In case the $0.000136 resistance level is broken, the price will rise to $0.000196 and $0.000330. If the $0.000087 level allows, the price may drop to the support level at $0.000004 and $0.000006 if the $0.000136 holds.

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

After a few days of consolidation, Sponge began a bullish advance on August 7. This is evident when the extended daily bullish candle appears and breaks through the $0.000136 resistance level. As more bullish candles appear, the price moves closer to the $0.000196 price level. It retreated to the $0.000087 prior low. With the development of a robust daily bullish candle, the price of Sponge is surging higher today and is aiming for the $0.000136 resistance level.

The daily chart indicates that the market is dominated by buyers. Sponge has crossed above the 9- and 21-period moving averages (EMAs), and the former is above the latter, indicating the start of a bullish trend. If the $0.000136 resistance level is broken, the price will rise to $0.000196 and $0.000330. If the $0.000087 level allows, the price may drop to the support level at $0.000004 and $0.000006 if the $0.000136 holds. In the meantime, a bullish indication is shown by the relative strength index period 14 at 61 levels.

SPONGEUSDT Medium-term Trend: Bullish

In the medium term, Sponge has performed exceptionally well; this could be because of ongoing pressure from Sponge’s customers. In other words, following the breakout of the $0.000087 price level, the price actions are in an upward trend. The market is rising, and this trend can continue unless the bears put up a strong fight or the $0.000136 resistance level holds.

Testing the significant resistance of $0.000136 and $0.000330 could be the goal of the upward surge. The coin could reach the high resistance level of $0.000330 with one more push from the bulls. The buy signal is indicated by the RSI (14) moving into the oversold zone and the signal line going up.

Prepare for $SPONGE.

Get ready for $SPONGE 🧽💦#Web3 #CryptoMeme #Trading pic.twitter.com/XGZhf3Pl0J

— $SPONGE (@spongeoneth) October 19, 2023

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