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Sponge (SPONGEUSDT) Price: Buyers’ Pressure Is Increasing Toward $0.000136 Resistance level

Johnathon Fox
08/11/2023 | UPDATED ON: 08/11/2023

There may be a breakout at $0.000136 level

SPONGEUSDT Price Analysis – 11 August

Sponge increases to the $0.000330 and $0.000402 levels are possible if the $0.000196 barrier is overcome.  Sponge may retrace and settle against the $0.000136, $0.000093, and $0.000006 support levels if the bears are successful in holding the $0.000196 resistance level.

Key Levels:

Supply level: $0.000136, $0.000196, $0.000330

Demand level: $0.000093, $0.000006, $0.000003

 

SPONGEUSDT Long-term trend: Bullish

SPONGEUSDT is bullish on the daily chart. For more than two weeks, the sellers dominated the SPONGE/USDT market. In order to give more buyers an opportunity, the downward trend drove the price to test the $0.000093 support level. At the indicated level, a bullish engulfing candle that was climbing developed. As the price rose, the $0.000136 resistance level was broken. The price is increasing and is getting closer to the $0.000196 barrier level.

The fact that SPONGEUSDT is currently trading above the 9-period and 21-period exponential moving averages suggests that the market is bullish.  The period 14 signal lines of the relative strength index are pointing up, indicating a buy signal and the index is at 41 levels. If the $0.000196 barrier is broken, price increases to the $0.000330 and $0.000402 levels are feasible.  If the bears are successful in holding the $0.000196 resistance level, the price may retrace and settle against the $0.000136, $0.000093, and $0.000006 support levels.

SPONGEUSDT Medium-term Trend: Bullish

SPONGEUSDT is on the bullish movement in the medium-term outlook. Last week, the coin’s resistance range was between $0.000136 and $0.000093. The price is being pushed near the dynamic resistance levels as the bulls’ energy grows. Buyer pressure on the $0.000136 resistance level has recently increased. As of yesterday, the price was revealed to $0.000196.

Since the price is trading above both the 9-period EMA and the 21-period EMA, bulls are currently in control of the market. On the other side, the period 14 relative strength index is at 48 levels and pointing upward, providing a buy signal.

You can usually tell when something major is going to be announced.

When there's an announcement for an announcement, you know it's going to be important…🚀🔔🤣 pic.twitter.com/ytlk0gh6MT

— $SPONGE (@spongeoneth) August 1, 2023

 

Invest in the hottest and best meme coin? Buy Sponge ($SPONGE) today!

 

 

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About Johnathon Fox

Johnathon is a Forex and Futures trader with over ten years trading experience who also acts as a mentor and coach to thousands and has written for some of the biggest finance and trading sites in the world.

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