Strong price increase envisaged
SPONGEUSDT Price Analysis – 13 September
The Sponge’s next upward targets are the $0.000196 and $0.000330 levels, which are anticipated to show up following the market downturn, assuming it is successful in breaking above 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
The SPONGEUSDT has a favorable long-term outlook. The price is ready to quickly rise back to its earlier peak. When Sponge’s price reached $0.000087 a few weeks ago, the bulls held the mark. However, buyers kept driving the SPONGEUSDT market higher last week. The coin’s value recently exceeded $0.000136. Daily candles that were more bullish than bearish were starting to form, and the level of $0.000196 was ready to be crossed. The price spiked on September 6 to a high of $0.000196 before falling.
The rising crossover of the sponge and the two EMAs indicates that the bullish trend is intensifying. The 9-period EMA of the 21-period EMA is also crossing each other. The Sponge’s next upward targets are the $0.000196 and $0.000330 levels, which are anticipated to show up following the market downturn, assuming it is successful in breaking above the $0.000136 level of resistance. The price may drop below 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 51 by the relative strength index period 14 signal lines, which are pointing up.
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SPONGEUSDT Medium-term Trend: Bullish
The medium-term forecast is bullish according to SPONGEUSDT. Currently, there are more buyers than vendors. When the $0.000136 resistance level was broken few days ago. Stopping a price decline required a $0.000196 protest. As long as the level persists, the price returns to the previous level. The market may experience a sharp increase as a result of the bulls’ comeback.
The price is above the 21-period and 9-period exponential moving averages, respectively. Given that the Relative Strength Index period 14 is at 54 levels and the signal line is pointing upward, buying is advised.https://twitter.com/spongeoneth/status/1701521055007801643
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— $SPONGE (@spongeoneth) September 12, 2023
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