$SPONGE Bulls Trying to Retain Hold Around the $0.000003 Price Area
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The bearish pressure highlighted in earlier analyses of the $SPONGE market has continued to push the market downward. However, there are signs that the bulls are attempting to regain some control. Notably, the $0.000003 price level—previously a key support—has now flipped into resistance after the market dipped below it.
At the moment, buyers are trying to establish a new support zone around $0.0000029, though this level has only recently begun to form. The key question now is whether the bulls can successfully defend this area to initiate a potential recovery.
Key Price Levels
- Resistance: $0.0000040, $0.0000045, $0.0000050
- Support: $0.0000030, $0.0000025, $0.0000020
$SPONGE Bulls Trying to Retain Hold Around the $0.000003 Price Area
From the daily chart perspective, the $SPONGE bears clearly maintain the upper hand as price continues its downward slide toward the $0.000003 area. Despite this strong bearish move, the Bollinger Bands have not shown a significant expansion to match the intensity of the decline. Price still appears to be moving along a relatively horizontal path, although the lower band is beginning to react slightly to the ongoing downward pressure.
Because the Bollinger Bands have not fully adjusted to the recent volatility, bullish hopes are not entirely lost. The bulls may simply need to endure the current wave of intensified selling pressure. Once this phase weakens, there is potential for bullish momentum to recover and regain influence over the market.
SPONGE/USD 4-Hour Chart Outlook
From the 4-hour chart perspective, the market continues to test price levels below the $0.000003 area. Although a pivotal rebound has formed, the bullish recovery still appears too weak to drive the price meaningfully higher. This weakness may be attributed to persistent bearish pressure, which the bulls are currently struggling to counter. Until this selling momentum eases, the upward recovery is likely to remain limited.
Buy $SPONGE/USD!
Time to hunt some bears pic.twitter.com/TZA04OKnWH
— $SPONGE (@spongeoneth) November 19, 2025
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