Price will increase above $0.000196
SPONGEUSDT Price Analysis – 09 August
Sponge increases to the $0.000330 and $0.000402 levels are possible if the $0.000196 barrier is overcome. The price 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: $0.000196, $0.000330, $0.000402
Demand level: $0.000136, $0.000093, $0.000006
SPONGEUSDT Long-term trend: Bullish
SPONGEUSDT is bullish on the daily chart. Sellers dominated SPONGE/USDT market for more than two weeks. The downward trend pushed the price to test the $0.000093 support level in order to offer more buyers a chance. An ascending bullish engulfing candle formed at the stated level. The $0.000136 resistance level was broken as the price increased. The resistance level of $0.000196 is being approached by the price as it rises.
A bullish market is indicated by SPONGEUSDT currently trading above the 9-period and 21-period exponential moving averages. The relative strength index period 14 signal lines are pointing up, indicating a purchase signal and the index is at 41 levels. Price increases to the $0.000330 and $0.000402 levels are possible if the $0.000196 barrier is overcome. The price 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.
SPONGEUSDT Medium-term Trend: Bullish
SPONGEUSDT is on the bullish movement in the medium-term outlook. Sponge was in a range of resistance last week between $0.000136 and $0.000093. As the bulls’ impetus increases, the price is being driven toward the dynamic resistance levels. The $0.000136 resistance level is currently under increased pressure from buyers. The price has been exposed to $0.000196 as of yesterday.
Bulls are currently in charge of the market since the price is trading above both the 9-period EMA and the 21-period EMA. The period 14 relative strength index, on the other hand, is at 41 levels and pointing up, indicating a buy signal.
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