Sponge Price Rises Higher Today

Sponge Market attracts more bulls

SPONGE Price Analysis – 31 October

If the resistance level at $0.000196 is broken, the price will increase to $0.000330 and $0.000402. Price could fall to support levels at $0.000087 and $0.000004 if the $0.000196 level holds, and the $0.000136 level permits

SPONGEUSDT Market

Key Levels:

Resistance levels: $0.000196, $0.000330, $0.000402

Support levels: $0.000136, $0.000087, $0.000004

SPONGEUSDT Long-term Trend: Bullish

After stabilizing for a few days, Sponge began to rise on August 7. This is evident when the prolonged daily bullish candle appears and breaks through the $0.000136 resistance level. The price is approaching the $0.000196 price level as more bullish candles emerge.  Sponge is heading for the $0.000196 barrier level, where a powerful daily bullish candle is forming, as it rises higher today.

The daily chart indicates that the market is dominated by buyers. The price has broken above the 9- and 21-period moving averages (EMAs), with the former above the latter, indicating the start of a bullish trend. If the resistance level at $0.000196 is broken, the price will increase to $0.000330 and $0.000402. Sponge could fall to support levels at $0.000087 and $0.000004 if the $0.000196 level holds, and the $0.000136 level permits. In the meantime, a bullish indicator is given by the relative strength index period 14 at 67 levels.

SPONGEUSDT Medium-term Trend: Bullish

The exceptional medium-term performance of Sponge could be explained by the ongoing needs of the company’s clientele. Stated differently, since the $0.000087 price level was tested, price actions have been upward. The market is currently heading higher, and it may continue to do so until the bulls build a sizable obstacle or the $0.000196 resistance level holds.

Testing the significant resistance of $0.000136 and $0.000330 could be the goal of the upward advance. The coin has the potential to achieve the high resistance level of $0.000330 with one more push from the bulls. A purchase signal is shown by the rising signal line and the RSI (14) moving into the 64 levels.

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