Bulls are dominating SPONGEUSDT market
SPONGEUSDT Price Analysis – 23 August
By breaking through the $0.000136 resistance level following a decline, bulls can drive the price higher, potentially hitting the $0.000196 and $0.000330 levels. If the bears are successful in holding the $0.000136 level, Sponge may reverse and hit the $0.000093, $0.000004, and $0.000006 support levels.
Key Levels:
Supply level: $0.000136, $0.000196, $0.000330
Demand level: $0.000093, $0.000004, $0.000006
SPONGEUSDT Long-term Trend: Bullish
Sponge is bullish on the daily chart. On June 22, the coin found support at $0.000093. Sponge rose and got close to the $0.000196 resistance level when the bullish morning star chart pattern appeared. The previous, inadequate level of support was contacted when the price declined. The bulls are currently heading north and defending the $0.000093 level.
By breaking through the $0.000136 resistance level following a decline, bulls can drive the price higher, potentially hitting the $0.000196 and $0.000330 levels. If the bears are successful in holding the $0.000136 level, the price may reverse and hit the $0.000093, $0.000004, and $0.000006 support levels. The 9-period exponential moving average is seeking to cross the 21-period EMA higher to create bullish momentum because the two dynamic levels are so close to one another.
SPONGEUSDT Medium-term Trend: Bullish
On the 4-hour chart, Sponge is bullish. The bulls’ resistance to the price decline on August 8 prompted the $0.000136 resistance level to be challenged, and the price is now climbing as the target price of $0.000136 gets closer. The bears drove Sponge below the $0.000093 support level.
As SPONGEUSDT trades above the two EMAs and attempts to cross the 21-period EMAs to the upside, strong momentum is emerging. Every day, the bulls’ impetus gets stronger. A buy signal can be seen on a period 14 relative strength index that is bending upward at level 44.
The plain truth
The simple truth 😄👉🤝 pic.twitter.com/ju1Rh5FPrl
— $SPONGE (@spongeoneth) August 23, 2023
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