Price will shortly return to its prior peak
SPONGEUSDT Price Analysis – 22 September
The $0.000196 and $0.000330 levels, which are projected to appear after the market slump, are the Sponge’s next upward goals, presuming it is successful in breaking above the $0.000136 level of resistance. If the bears are successful in holding the resistance level of $0.000136, the price may go below the support levels of $0.000087.
Key Levels:
Supply level: $0.000136, $0.000196, $0.000330
Demand level: $0.000087, $0.000004, $0.000006
SPONGEUSDT Long-term Trend: Bullish
The long-term prospects for the SPONGEUSDT are promising. Sponge’s price found support a few weeks ago when it fell to $0.000087. However, sellers continued to drive the SPONGEUSDT market lower during the past month. Recently, the coin’s value exceeded $0.000136. More bullish than bearish daily candles were beginning to appear, and the level of $0.000136 was about to be crossed. On September 6, the cost briefly rose and peaked at $0.000196 before falling. The price will shortly return to its prior peak.
The bullish trend is accelerating, according to the rising crossover of the sponge and the two EMAs. Additionally approaching are the 9-period EMA and the 21-period EMA. The $0.000196 and $0.000330 levels, which are projected to appear after the market slump, are Sponge’s next upward goals, presuming it is successful in breaking above the $0.000136 level of resistance. If the bears are successful in holding the resistance level of $0.000136, the price may go below the support level of $0.000087. The relative strength index period 14 signal lines are trending upward at level 30, signaling a buy.
SPONGEUSDT Medium-term Trend: Bullish
The forecast for SPONGEUSDT is promising during the next few months. Bulls are beginning to reappear, and the market is rising fast. Buyers outnumbered sellers in the four weeks before to August 8th, when the resistance level of $0.000136 was broken. The price returns to the prior high level as long as the bulls’ impetus persists.
Price is above the 9- and 21-period exponential moving averages, respectively. Buying is advised since the signal line is pointing up and the Relative Strength Index period 14 is at 30 levels.
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— $SPONGE (@spongeoneth) September 21, 2023
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