SPONGE (SPONGEUSDT) Price May Rebound at $0.000500 Level

Buyers’ momentum may increase

Sponge Price Analysis – 01 February

If Sponge breaks through the $0.000582 barrier level and encounters resistance in the $0.000695 to $0.000886 region, the bulls might be able to maintain their advantage in the market. The price may drop below the support levels of $0.000459 and $0.000404 if $0.000500 is not maintained.

Sponge/USD Market

Key levels:

Resistance levels: $0.000582, $0.000695, $0.000886

Support levels: $0.000500, $0.000459, $0.000404

SPONGEUSDT Long-term Trend: Bullish

Bullish on the daily SPONGEUSDT chart. Given the triple bottom chart pattern that appeared at the $0.000356 support level last month, bears were wary. The money consequently soars up north like an eagle. Before breaking through the $0.001298 barrier, the price broke through the previous resistance levels of $0.000886, $0.000998, and $0.001158. It retreats in an attempt to reenter the broken $0.000886 level. It’s currently approaching $0.000500, the previous low.

Buyers might start to reenter the SPONGE market after the downturn. A bullish trend is indicated by the Crypto signal indicator’s upward trajectory and the price trading above the Hull Suite signal. If the price breaks through the $0.000582 barrier level and encounters resistance in the $0.000695 to $0.000886 region, the bulls might be able to maintain their advantage in the market. The price may drop below the support levels of $0.000459 and $0.000404 if $0.000500 is not maintained.

 SPONGEUSDT medium-term Trend: Bullish

The SPONGEUSDT 4-hour chart is showing an increasing trend. The medium-term trend remains strong despite mounting pressure on the bears. When resistance levels such as $0.000582, $0.000695, and $0.000886 crumble, the $0.001298 resistance level will be put to the test. The price is staying at the previously stated level but is heading back to the prior low of $0.000500.

Given that the price is lower than the Hull Suite indicator, it appears that the market is moving quickly. The market is favorable because the cryptocurrency is trading above the indicator. When the QQE MOD indicator is greater than zero, a purchase signal is displayed.

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— $SPONGE (@spongeoneth) February 1, 2024

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