Bulls are ready to take over Sponge market
SPONGEUSDT Price Analysis – 02 September
If the currency pair is able to overcome the $0.000136 level of resistance, the next upward targets for it are the $0.000196 and $0.000330 levels, which are likely to appear following the price retracement.
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. The currency pair found support at a price of $0.000087 over the previous two weeks, and this week, sellers are continuing to drive the SPONGEUSDT market lower. The value of the coin has increased and is now moving toward the $0.000136 threshold. More bullish daily candles were generated, and the level mentioned above is about to be smashed higher. The price fell after testing the $0.000196 resistance level on August 8. Presently, the price is increasing approaching the previous top.
The approaching upward crossover of the price between the two EMAs indicates that the bullish momentum is gathering strength. Also approaching the 21-period level is the 9-period EMA. If the currency pair is able to overcome the $0.000136 level of resistance, the next upward targets for it are the $0.000196 and $0.000330 levels, which are likely to appear following the price retracement. Sponge price may drop to the support levels of $0.000067 if the bears are successful in holding the resistance level of $0.000136. A purchase signal is being given at level 28 by the relative strength index period 14 signal lines, which are pointing up.
SPONGEUSDT Medium-term Trend: Bullish
SPONGEUSDT is bullish on the medium-term outlook. When the resistance level of $0.000136 was broken on August 8 over the previous two weeks, buyers prevailed over sellers. The price rise was tested against the $0.000196 level of resistance. As the level holds, the price rebounds off the previously mentioned level. Given that bulls are currently returning to the market, there is a possibility that it will increase even more.
The price is situated between the away from one another EMAs of 21 and 9 periods. Buy is suggested with the Relative Strength Index period 14 at 36 levels and the signal line heading higher.
I’m hoping the #BullMarket will arrive shortly.
Hoping for that #BullMarket to come anytime soon…🤞📈🚀 pic.twitter.com/KcPPfx0MUa
— $SPONGE (@spongeoneth) September 2, 2023
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