Sponge (SPONGEUSDT) Price: Bulls May Continue to Control Market

The price is currently rising and remaining stable

SPONGEUSDT Price Analysis – 04 August

The bulls may continue to control the market as long as the price surpasses the $0.000136 resistance level and touches the $0.000196 and $0.000330 barrier levels. At $0.000093, the price is currently rising and remaining stable

Key Levels:

Supply level: $0.000136, $0.000196, $0.000330

Demand level: $0.000093, $0.000006, $0.000004

SPONGEUSDT Long-term Trend: Bullish

SPONGEUSDT is bullish on the daily chart. The bulls are being supported by the bullish chart pattern that was formed near the support level of $0.000093. This is propelling the currency northward in a bullish, eagle-like trajectory. Before peaking there, Sponge may move past the $0.000136, $0.000196, and $0.000330 barrier levels of resistance.

Buyers are returning to the sponge market after the collapse. The rapid Moving Average (9 periods) is crossing the slow Moving Average (21 periods EMA) in the upward direction as the price trades close above the two EMAs, which both exhibit upward movement. The bulls may continue to control the market as long as the price surpasses the $0.000136 resistance level and touches the $0.000196 and $0.000330 barrier levels.

SPONGEUSDT medium-term Trend: Bullish

SPONGEUSDT is bullish in the 4-hour chart. As the pressure from the bulls increases, the medium-term trend is still favorable. Following a bounce off of the support level of $0.000093, the price tests the resistance level of $0.000136. At $0.000093, the price is currently rising and remaining stable.

The market has considerable momentum as seen by the two EMAs’ attempts to diverge. Sponge is trading upward in the region between the 9-period and 21-period exponential moving averages. The relative strength index period 14’s signal lines are bending higher to show a buy signal at levels 46.

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