Resistance level of $0.000330 may be broken upside
SPONGEUSDT Price Analysis – 31 July
Sponge is targeting the resistance level of $0.000136 and may break it up provided the Bulls increase their pressure, then, $0.000196 and $0.000330 may be tested
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 obey the effect of the triple bottom chart pattern formed at the support level of $0.000093. This is what triggers the bullish movement of the coin towards the north like an eagle. The resistance levels of $0.000136, $0.000196, and $0.000330 may be broken upside and the price may reach the high of $0.000330 resistance level.
The buyers are returning to the Sponge market after the pullback. The fast Moving Average (9 periods) is crossing the slow Moving Average (21 periods EMA) upside and Sponge is trading slightly above the two EMAs which indicates bullish movement. The bulls may continue to dominate the market as long as the price breaks up $0.000136 resistance level and the price will face the resistance levels of $0.000196 and $0.000330.
SPONGEUSDT medium-term Trend: Bullish
SPONGEUSDT is bullish in the 4-hour chart. The bullish trend continues in the medium-term trend as the bulls are steadily gaining more pressure. The resistance level of $0.000136 is tested after bouncing up from the support level of $0.000093. The $0.000093 level holds and the price is increasing at the moment.
The two EMAs are trying to separate from each other as an indication of high momentum market. The currency pair is trading between the 9 periods EMA and 21 periods EMA which indicates pullback. The relative strength index period 14 is at 45 levels and the signal lines bend up to indicate a buy signal.
We’re heading to the moon.
We're going #ToTheMoon 🚀🌕🌌 pic.twitter.com/3eKzQbHiVG
— $SPONGE (@spongeoneth) July 30, 2023
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