Sponge (SPONGEUSDT) Price May Break Upward Through $0.000136 Level

The bulls may continue to rule the market

SPONGEUSDT Price Analysis – 01 August

As long as Sponge breaks over the $0.000136 resistance level and encounters the $0.000196 and $0.000330 resistance levels, the bulls may continue to rule the market.

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 triple bottom chart pattern that was created at the support level of $0.000093 is having an influence on the bulls. This is what causes the currency to move bullishly in an eagle-like fashion toward the north. Sponge may break upward through the $0.000136, $0.000196, and $0.000330 resistance levels, rising to the $0.000330 resistance level’s peak.

Following the pullback, buyers are entering the sponge market again. The price is trading slightly above the two EMAs and the fast Moving Average (9 periods) is crossing the slow Moving Average (21 periods EMA) upside, all of which point to positive movement. As long as the price breaks over the $0.000136 resistance level and encounters the $0.000196 and $0.000330 resistance levels, the bulls may continue to rule the market.

SPONGEUSDT medium-term Trend: Bullish

SPONGEUSDT is bullish in the 4-hour chart. The medium-term trend remains bullish as pressure from the bulls grows gradually stronger. After bouncing off the support level of $0.000093, the resistance level of $0.000136 is tested. Sponge is now rising and is maintaining its position at $0.000093.

As a sign of a market with strong momentum, the two EMAs are attempting to separate from one another. The currency pair is trading between the 9-period and 21-period exponential moving averages, which suggests an upturn. The signal lines on the relative strength index period 14 are bending upward to indicate a purchase signal at 46 levels.

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