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

Buyers are ready to dominate Sponge market

SPONGEUSDT Price Analysis – 02 August

The bulls may continue to control the market as long as the price crosses the $0.000136 resistance level and runs into the $0.000196 and $0.000330 resistance levels.

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 influenced by the bullish chart pattern that was formed at the $0.000093 support level. The currency is being driven by this in a bullish, eagle-like direction toward the north. Sponge may move past the resistance levels of $0.000136, $0.000196, and $0.000330, peaking at the $0.000330 barrier level.

Buyers are returning to the sponge market after the slump. The fast Moving Average (9 periods) is crossing the slow Moving Average (21 periods EMA) upward and the price is trading just above the two EMAs, both of which indicate positive movement. The bulls may continue to control the market as long as the price crosses the $0.000136 resistance level and runs into the $0.000196 and $0.000330 resistance levels.

SPONGEUSDT medium-term Trend: Bullish

SPONGEUSDT is bullish in the 4-hour chart. The medium-term trend is still bullish as the bulls’ pressure gets progressively greater. The resistance level of $0.000136 is tested after the price bounces off the support level of $0.000093. The price is now increasing and holding steady at $0.000093.

The two EMAs are seeking to split from one another, a sign of a market with significant momentum. Sponge is trading in an upward trend 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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— $SPONGE (@spongeoneth) August 2, 2023

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