The price will shortly rise back to its previous peak
SPONGEUSDT Price Analysis – 07 September
The $0.000196 and $0.000330 levels, which are projected to arise after the market slump, are the next upward goals for the Sponge if it is successful in breaking through the $0.000136 level of resistance.
Key Levels:
Supply level: $0.000136, $0.000196, $0.000330
Demand level: $0.000087, $0.000004, $0.000006
SPONGEUSDT Long-term Trend: Bullish
On the long term, the SPONGEUSDT is bullish. A few weeks ago, the cryptocurrency price found support at $0.000087, and last week, sellers continued pushing the SPONGEUSDT market lower. Recently, the coin’s value exceeded $0.000136. Daily candles formed that were more bullish than bearish, and the level of $0.000196 was about to be crossed. On 06 September, the price briefly rose to the $0.000196 ceiling before dropping. In a short time, the price will return to its previous high.
The bullish trend is accelerating, as shown by the rising crossover of the sponge and the two EMAs. The 9-period EMA is also getting close to the 21-period milestone. The $0.000196 and $0.000330 levels, which are projected to arise after the market slump, are the next upward goals for the Sponge if it is successful in breaking through the $0.000136 level of resistance. If the bears are successful in holding the resistance level of $0.000136, Sponge may go below the support levels of $0.000067. The relative strength index period 14 signal lines, which are pointing up, are providing a buy signal at level 49.
SPONGEUSDT Medium-term Trend: Bullish
SPONGEUSDT is bullish on the medium-term outlook. Buyers outnumbered sellers for the four weeks prior to August 8 when the resistance level of $0.000136 was broken. The amount of protest required for a price increase was $0.000196. The price returns to the prior level as long as the level holds. Since bulls are beginning to reappear, the market may rise considerably higher.
The price is located above the separated 21- and 9-period exponential moving averages. As the signal line is moving upward and the Relative Strength Index period 14 is at 51 levels, buying is advised.
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